Saturday, October 17, 2015

HFF secures $24.8 million financing for Class A apartment community in Charlotte, NC

Jon Mikula

FLORHAM PARK, NJ  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $24.8 million in financing for Andover Woods, a 392-unit, Class A apartment community in Charlotte, North Carolina.

HFF worked on behalf of the borrower, Heritage Capital Group, LLC (Heritage), to arrange the 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corporation.  Loan proceeds were used to acquire the property.

Andover Woods is located at 7808 Andover Woods Drive near Interstates 485 and 77, approximately 10 miles south of downtown Charlotte.  The property, which sits on a 44-acre parcel, was constructed in phases between 1986 and 1995 and was 93 percent occupied at closing.

The HFF debt placement team was led by senior managing directors Jon Mikula and Travis Anderson.

“This acquisition was an important transaction for Heritage as they continue to grow their North Carolina multi-housing portfolio.  Lender interest for this loan was high, but M&T/Fannie Mae was quick to get their hands around the deal and provide certainty of execution,” said Mikula.

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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