WASHINGTON, D.C. – HFF announced that it has arranged a $16 million refinancing for the leased fee interests at the Sea Colony Resort Community (top left photo) in Bethany Beach, Delaware.
Working exclusively on behalf of Carl M. Freeman Associates, HFF placed the 10-yr, five percent fixed-rate loan with United Bank. Proceeds were used to repay existing financing and for general corporate purposes.
Sea Colony Resort Community has nine high-rise and two low-rise condominium buildings with one-, two- and three-bedroom units situated along one half mile of beachfront, plus hundreds of low-rise condominiums west of US Route 1, all in Bethany Beach.
Resort amenities include 12 pools, fitness center, private beach access and 34 tennis courts. Hundreds of long-term ground leases underlying the condos served as collateral for the loan.
The HFF team representing Carl M. Freeman Associates was led by managing director Mark Remington.
“CMFA took advantage of an improving financing environment to recapitalize this unique and extremely stable asset,” said Remington.
The Carl M. Freeman Companies, established in 1947, is a diverse company focusing on high-quality retail, residential, golf and office projects in the Mid-Atlantic region. The Retail Division includes over 1.5 million square feet of retail and office space throughout Maryland, Delaware and West Virginia.
For more information about Carl M. Freeman Companies and their diverse interests, visit www.freemancompanies.com.
Contacts:
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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