Saturday, June 23, 2012
SAN DIEGO, CA – HFF announced it has secured a $23 million refinancing for Crimson Park (top left aerial photo), a 268-unit, 792-bed student housing community serving The University of Oklahoma in Norman, Oklahoma.
Working exclusively on behalf of Pierce Education Properties, HFF placed the 10-year, 3.8 percent securitized loans with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Completed in 2005, community amenities include a 24-hour fitness center, basketball court, sand volleyball court, putting green, three-tier resort-style pool, hot tub, fire pit, tanning bed and media room.
The HFF team representing the borrower was led by senior managing director Timothy Wright (middle right photo) and associate director Zack Holderman (lower left photo).
Pierce owns and manages a $275 million national portfolio of approximately 5,600 beds. According to data from Real Capital Analytics, Pierce ranks as the sixth largest buyer of student apartments over the past five years (2007-2011).
Visit www.pierceeducationproperties.com for more information.
TIMOTHY D. WRIGHT
HFF Senior Managing Director
MYRA F. MOREN
HFF Director, Marketing
Many real estate firms across the country have begun to ramp up as investment sales have increased 25% in the past quarter and prices have been skyrocketing over the past year by 30% to 40% for premium assets.
David Wells has been involved in over $500 million worth of commercial transactions throughout the country.
Based in Miami, Mr. Wells represents a unique mix of investors from both the US and South America, working with them directly and with several top offshore investment managers who have offices in Miami.
“Being positioned in Miami gives our clients from across the country a unique advantage when marketing their property for a potential disposition. We provide the best national exposure like many of our competitors, but we also provide international exposure, resulting in higher prices due to foreign money.”
David Wells has worked in both brokerage and the private equity side.
“I am very excited to join Sperry Van Ness," Wells says. . "They have a tremendous national platform in place that benefits both buyers and sellers. They have a culture based on collaboration which serves the best interests of the client.”
For more information ,contact David Wells directly, email@example.com, 305.498.6095