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| Mona Carlton |
MIAMI, FL – HFF announced it has arranged $29 million in
financing for Summer Palms, a 340-unit, garden-style multi-housing
community in Riverview, Florida.
HFF
worked on behalf of the borrower, an entity controlled and managed by Beachwold
Residential, to secure the 36-month, bridge/acquisition loan through GE Capital
Real Estate.
Summer Palms is located at 10220 Summer Palm Drive between
Interstate 75 and U.S. Highway 301 near Big Bend Road in Riverview,
approximately 20 miles southeast of downtown Tampa.
Completed in 2001, the property is 95 percent leased and
includes one-, two-, three- and four-bedroom floor plans averaging 1,142 square
feet each.
 |
| Elliott Throne |
Community amenities include a swimming pool, fitness center
and clubhouse with social area. The
borrower is further enhancing the asset to take advantage of the upcoming
increase in local demand once the St. Joseph’s Hospital South, a new $225
million hospital, opens in 2015 across the street from the asset.
The HFF debt placement team representing Beachwold was led
by senior managing director Mona Carlton, managing director Elliott
Throne, associate director Todd Adams, real estate analyst Maxx
Carney, as well as director Michael Tabor, who is based in HFF’s
local Tampa office.
“Beachwold has been finding strong value-add opportunities
to buy in the Florida market and has repositioned them with great success,”
stated Throne.
“On Summer Palms, they
were able to take advantage of a very aggressive bridge financing market where
the cost of capital keeps decreasing and the overall terms keep getting more
favorable for borrowers.
 |
| Todd Adams |
The loan from
GE will allow them to offer a great updated product for both existing residents
and new residents who are coming into the market due to the arrival of the
area’s new hospital.”
Beachwold Residential and its principals have built, owned
and managed multifamily properties for 40 years.
Through the company’s vast operational and ownership experience,
in depth knowledge of its target markets and long-lasting relationships with
brokers, lenders and property managers, Beachwold Residential is able to
identify and acquire undervalued assets that offer superior long-term returns
and lower than average risk.
The
company presently controls more than 40 properties and more than 10,000
multifamily units in Connecticut, Texas, Florida, Louisiana, New Jersey,
Maryland, Tennessee and Virginia
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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