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| Matthew Schoenfeldt |
CHICAGO, IL – HFF
announced it has arranged $29.66 million in financing for Tradition at
Stonewater, a 351-unit, Class A multi-housing community in Cary, North
Carolina.
Working on behalf of the borrower, Banner Apartments, LLC, HFF placed
the seven-year, fixed-rate loan with Allianz Real Estate of America, Inc. Proceeds were used to acquire the property.
Tradition at Stonewater is located at 12000 Wisdom Drive approximately
35 minutes northwest of downtown Raleigh and near major employment centers such
as Research Triangle Park and Duke University & Medical Center.
Completed in 2008, the property is 93.4 percent leased and
includes 351 units averaging 1,016 square feet each.
 |
| Jason Bond |
Community amenities include a resort-style saltwater swimming
pool, outdoor lounge, screened-in summer kitchen, fitness center, theater room,
business center and gated dog park.
The HFF debt placement team representing the borrower was
led by managing director Matthew Schoenfeldt and associate director Jason
Bond along with senior managing directors Travis Anderson and Ryan
Clutter.
Banner Apartments, LLC and its affiliates (“Banner”) is a
fully integrated real estate operating company based in Northbrook, Illinois
that focuses on the acquisition, management and development of multifamily
properties in select Midwest and Sun Belt markets.
Since its founding
in 1989, Banner has acquired and operated 40 multifamily properties totaling
more than 8,300 units. The current
portfolio consists of more than 6,000 units, valued at approximately $500
million.
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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