Tuesday, October 25, 2011

HFF arranges $26 million refinancing for Rosewood Park Apartments in Reno, NV


IRVINE, CA – HFF announced today that it has arranged a $26 million refinancing for Rosewood Park Apartments, a 900-unit multi-housing community in Reno, Nevada.

HFF worked on behalf of the borrower, Buff Management, to secure the five-year, fixed-rate loan through AIG Asset Management.  Loan proceeds replaced an existing financing that matured in September.  HFF will also service the loan.

Rosewood Park Apartments is situated on 38.13 acres at 4500 Mira Loma Drive near the Reno/Tahoe International Airport in southeast Reno.  The property has 112 buildings with one-, two- and three-bedroom units averaging 833 square feet each.  Community amenities include four pools, four lighted tennis courts, four basketball courts, two spas, a fitness center, volleyball court and on-site laundry.  Rosewood Park Apartments is 86 percent leased.

The HFF team representing Buff Management was led by managing director David Bleiweiss (middle right photo) and associate director Greg Brown. 

 “With our life company correspondent relationships, we were able to secure an attractive fixed-rate loan on the largest apartment project in the Reno market, on an asset that had only recently stabilized and in a market that has been doing the same,” said Bleiwess.

Buff Management manages a portfolio of approximately 3,500 units in Southern California, Reno, Las Vegas and San Antonio.

David A. Bleiweiss, HFF Managing Director, (949) 253-8800,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
HFF arranges $23.5 million financing for Plantation Colony Apartments in Broward County, FL

MIAMI, FL – HFF announced today that it has arranged $23.5 million in financing for Plantation Colony Apartments (middle left photo), a 256-unit multi-housing community in Plantation, Florida. 

HFF worked exclusively on behalf of the borrower to secure the seven-year, fixed-rate loan through Western National Life Insurance Company.  Loan proceeds were used to recapitalize the property. 

Plantation Colony Apartments, located at 8210 SW 12th Street near Interstate 595 and Pine Island Road, is adjacent to the Cornerstone Corporate Park and Crossroads Business Park about 12 miles west of downtown Fort Lauderdale.  The property, which recently underwent unit renovations and common area upgrades, has one- and two-bedroom units and is 95 percent leased.  Residents have access to two pools, two lighted tennis courts, a computer lab, car care center, fitness center, playground and dog park. 

The HFF team representing the borrower was led by senior managing director Paul Stasaitis (lower right photo).

 “The desirability of the property’s location and the owner’s attention to property improvements contributed greatly to the very long history of high occupancy at the property,” said Stasaitis.  “This only expanded the level of lender interest, and in this case a life company execution was the most compelling choice.”

Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333, pstasaitis@hfflp.com                                      
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

Vestar Development Co. Hires Bob Cavanaugh to Spearhead Acquistions Strategy


PHOENIX, AZ,  OCT. 25, 2011 – Vestar Development Company, one of the leading privately held real estate companies in the western United States, has hired Bob Cavanaugh (top right photo) as Chief Investment Officer.

 Based in the firm’s Phoenix headquarters, Cavanaugh will be responsible for overseeing the raising of third-party equity capital, identifying investment opportunities and structuring joint ventures in pursuit of achieving the firm’s overall investment goals.

“Bob’s investment experience, industry relationships and track record in completing commercial real estate transactions will be invaluable to our firm,” said Rick Kuhle (lower left photo) President of Vestar Development.  “We believe that now is a great time to invest in commercial real estate and we are actively looking for value-added opportunities in the Southwest and West.”

 Cavanaugh comes to Vestar with a wealth of experience in commercial real estate investment and finance.  Prior to joining Vestar, he served as managing director for DLJ Real Estate Capital Partners where he was oversaw all aspects of the firm’s real estate private equity business in the Western United States.  Throughout his 25 year career, he has worked as a commercial real estate executive with Deutsche Bank Securities, LaSalle Partners and Goldman, Sachs and Co. 

Cavanaugh earned a Master’s degree in Business Administration with an emphasis in real estate and management from The Harvard Business School and a Bachelor of Science degree in finance and accounting from University of Pennsylvania’s Wharton School of Business.  He is a member of Urban Land Institute, Real Estate Investment Advisory Council and NAREIT.  He also serves on the boards of The Hershey Company, the Hershey Trust Company and the Neighborhood Youth Association.

For more information, please visit http://www.vestar.com/.

Contact:  David Ebeling, Ebeling Communications, (949) 278-7851