Thursday, June 9, 2011

HFF secures $10.92 million financing for Sparks, NV multi-housing community

IRVINE, CA – HFF announced today that it has secured $10.92 million in financing for The Waterford (top left photo), a 240-unit multi-housing community in Sparks, Nevada.

Working on behalf of Silverwing Development, AJU Investments and the Strand Group of Companies, HFF placed an 80 percent LTV, seven-year, Capped ARM acquisition loan with Freddie Mac (Federal Home Loan Mortgage Corporation).

  HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program.

The Waterford is located at 800 Nichols Boulevard across from the Sparks Marina.  The property offers one-, two- and three-bedroom units and is currently 92 percent leased.  Community amenities include a swimming pool and hot tub, 24-hour fitness center, lighted basketball court, picnic areas with barbecues, covered parking and five laundry facilities.

The HFF team representing Silverwing, AJU and Strand was led by managing director David Bleiweiss (lower right photo) and associate director Greg Brown. 

“This was a tremendous opportunity for the buyers of this asset,"said Bleiweiss.

"We were able to obtain a waiver for 80 percent financing through our relationship with Freddie Mac, and the buyer was able to capitalize on the attractive Capped ARM Program offered by Freddie Mac. 

This drove the cash-on-cash returns for this investment above what is typical for this quality of multi-housing, especially in today’s competitive acquisition environment,”  

Silverwing Development is a residential and land developer, headquartered in Concord, CA, that is currently focused on repositioning commercial and multifamily assets in the Western US.  AJU Investments is focused on the acquisition and repositioning of multi-housing and retail properties throughout the Southwest US and Florida.  Strand is actively involved in the acquisition and financing of multifamily and single family residential projects throughout the US.
David A. Bleiweiss, HFF Managing Director, (949) 253-8800
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,                                       

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