Saturday, December 19, 2015

New 64-Unit Affordable Housing Community Completed in Upstate New York; WNC provided $7.1 million in LIHTC equity to fund Homesteads on Ampersand


Michael Gaber
PLATTSBURGH, New York –– WNC, a national investor in real estate and community development initiatives, announced the completion of Homesteads on Ampersand, a newly constructed 64-unit affordable housing community in the northeastern town of Plattsburgh, New York.

WNC provided approximately $7.1 million in low-income housing tax credit (LIHTC) equity to fund the new development.

“WNC is delighted to announce the completion of Homesteads on Ampersand, a high quality affordable housing community with modern amenities,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber

“Demand for affordable housing continued to outpace supply throughout the nation, and we couldn’t be happier to help deliver this new community to the residents of Upstate New York.”

Located at 292 Rugar St., Homesteads on Ampersand is an eco-friendly community that includes four two-story buildings comprised of 24 one-bedroom, 20 two-bedroom, and 20 three-bedroom units, as well as a community building. The project was developed by Regan Development Corporation over the course of approximately one year.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703


HFF arranges $65 million financing for Class A mixed-use community in Arlington, VA



Sue Carras
WASHINGTON, D.C.  -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $65 million in financing for Tellus, a 254-unit, 16-story, Class A mixed-use community in Arlington, Virginia’s Courthouse neighborhood.

HFF worked exclusively on behalf of the developer, a joint venture between Jefferson Apartment Group and Erkiletian Development Company, to secure the 15-year, fixed-rate loan through TIAA-CREF. 

 Loan proceeds were used to replace construction debt on the property, which is managed by JAG Management Co.

Tellus is located at 2009 14th Street North two blocks from the Courthouse Metro (Orange and Silver lines) in the heart of Arlington’s Rosslyn-Ballston Corridor. 

Completed in 2014, the transit-oriented property offers views of downtown Washington, D.C. and has studio, one- and two-bedroom units averaging 789 square feet each.

 The LEED Gold property features a rooftop swimming pool, indoor yoga studio, state-of-the-art fitness center, business center, oversized courtyard, cyber cafĂ©, 273-space parking garage and more than 13,300 square feet of street-level retail and office space.  At closing, the residential portion of the property was 93 percent leased.

The HFF team was led by Sue Carras, Walter Coker and Brian Crivella.

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 | www.hfflp.com


HFF closes $19.75 million sale of and arranges $15.472 million financing for Regency Apartments in Bensalem, PA


Regency Apartments, 2049 Brown Avenue, Bensalem, PA

 
Mark Thomson
PHILADELPHIA, PA  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for Regency Apartments, a 253-unit, garden-style multi-housing community in Bensalem, Pennsylvania.

HFF marketed the property on behalf of SAS Regency, L.P.  Wessex First Avenue Associates, LLC purchased the offering for $19.75 million free and clear of existing debt.  

In addition, HFF worked on behalf of the new owner to secure a $15.472 million, seven-year, 75 percent, fixed-rate loan through a regional bank.

Regency Apartments is located 2049 Brown Avenue less than one half of a mile from the intersection of Street Road (Route 132) and Hulmeville Road (Route 513) and is less than two miles from Interstate 95, providing access into Philadelphia and New Jersey.  

The property is flanked by Bensalem Plaza Shopping Center and Bensalem Township Country Club and is a short distance from Philadelphia Mills and Parx Casino and Race Course.  The community has seven, three-story residential buildings housing a mix of studio, one- and two-bedroom units averaging 774 square feet each centered around a courtyard with swimming pool.

Carl Fiebig
The HFF investment sales team was led by Mark Thomson and Carl Fiebig.  HFF’s debt placement team was led by James Conley.

“Regency Apartments provided the opportunity to purchase and renovate a sizeable multi-housing property in a dense, Buck’s County location. 

"Our team was able to procure more than 40 property tours and 21 offers, providing flexibility for our client.  The activity alludes to the demand for well-located, value-add product in the Philadelphia suburbs,” said Thomson.

Fiebig added, “The buyer pool was extremely diverse and we have had success importing capital from outside Philadelphia into the region.  

"Investors continue to target Philadelphia based on strong fundamentals and the ‘flight-to-yield’ theory in comparison to the New York, New Jersey and Washington D.C markets.”

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 | www.hfflp.com

HFF secures financing for Class A multi-housing community in Houston’s Inner Loop

  
Scott Galloway
HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for Sunrise by the Park, a newly-built, 180-unit, Class A multi-housing community in Houston’s Inner Loop.

Working on behalf of the borrower, Sunrise Luxury Living, HFF placed the 10-year, fixed-rate loan with LStar Capital Finance, Inc.  Loan proceeds were used to replace existing construction financing.

Completed in January 2015, Sunrise by the Park is located near the intersection of Memorial Drive and Birdsall Street at the entrance to Memorial Park.  

Situated on 1.52 acres, the asset provides convenient access to downtown Houston, the Galleria, Uptown, River Oaks, Upper Kirby, West Ave. and Highland Village. 

The four-story, podium-style building has units averaging 745 square feet each and is built above a two-story, 268-space parking garage. 

Cameron Cureton
Community amenities include a resort-style swimming pool with tanning ledge and spa, barbecue grills, state-of-the-art fitness center with yoga/training room, lounge with billiards, catering kitchen, business center, bike storage/repair station and access to miles of nearby biking/jogging trails at Memorial Park.

The HFF debt placement team representing the borrower was led by director Cameron Cureton and executive managing director Scott Galloway.

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 | www.hfflp.com


HFF closes $114.4 million sale and secures $79 million financing for 6-building office park in Charlotte, NC

  
Six-Building Torringdon Office Park, Charlotte, NC

 
Ryan Clutter
CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged financing for Toringdon Office Park, a six-building, 519,698-square-foot, Class A office park in Charlotte, North Carolina. 

HFF represented the seller, Stockbridge Capital Group/Trinity Capital Advisors, in the transaction.  An undisclosed buyer purchased the portfolio for $114.4 million free and clear of existing debt.  

Additionally, HFF assisted the new ownership entity in securing the $79 million acquisition loan through CIBC Capital Markets.

Toringdon Office Park consists of six properties located at 3420, 3430, 3440, 3426, 3436 and 3530 Toringdon Way directly off Johnston Road in the Ballantyne submarket of Charlotte. 

This location, about 10 miles south of Charlotte’s central business district, provides direct access to Interstates 485 and 77 and the Interstate 85 corridor.  The buildings were constructed between 2001 and 2008, and the park is 87 percent leased overall. 

Travis Anderson
The park’s largest tenants include Selective Insurance, Crown Castle, Heartland Payment Systems and TIAA-CREF.  Within walking distance are a number of retail and dining options, truly creating an urban/suburban feel to the asset.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter.

HFF’s debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler.

“Toringdon is a special asset located in one of the most dynamic and rapidly growing areas in the entire Southeast,” Clutter said.  “This transaction represents the first core office asset to be marketed and sold in the Ballantyne area of Charlotte since its inception more than 18 years ago. 

“Institutional capital was drawn to the compelling growth of the area, the considerable rise in rents, and the strong leasing activity currently taking place in the park.  This trade represents a true ‘win-win’ for both the buyer and seller and further illustrates the strong investment variables present in the Charlotte office market.”

Cory Fowler
“The Toringdon transaction is a compelling sale for the Charlotte market as larger, non-CBD office trades have been less frequent in most U.S. office markets since the downturn in the economy” Clutter added. 

“The best-in-class nature of this asset, its location in a strong ‘urban node’ and the continued growth and strength of the Charlotte market were very compelling features of this asset that appealed well to institutional capital.  This is a landmark trade for Charlotte and a clear indication of the strength and positive direction of the market.”

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 | www.hfflp.com


HFF closes sale of 6-property, multi-state seniors housing portfolio



Ryan Maconachy
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a six-property seniors housing portfolio totaling 596 units located in Southern California, Michigan, Philadelphia and Washington, D.C.

HFF marketed the portfolio exclusively on behalf of the seller, a joint venture between The Carlyle Group and Capitol Seniors Housing.  ROC Seniors Housing Fund Manager, LLC acquired the portfolio free and clear of existing debt.

The portfolio has 114 independent living, 329 assisted living, 136 memory care and 17 skilled nursing units.  

The properties in the portfolio are: Crown Cove in Corona Del Mar, California; Raincross at Riverside in Riverside, California; Whittier Place in Whittier, California; Regent Street of West Bloomfield in West Bloomfield, Michigan; Arbor Terrace at Chestnut Hill in Philadelphia, Pennsylvania; and The Residences at Thomas Circle in Washington, D.C.  The portfolio is 89.1 percent leased overall.

The HFF investment sales team representing the seller was led by managing directors Ryan Maconachy and Chad Lavender along with senior managing director Gerry Rohm.

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 | www.hfflp.com