Saturday, March 19, 2016

HFF closes $52.7 million sale of and secures $26.6 million financing for 228-unit luxury apartment community in Miami ,FL

Jaaret Turkell
MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $52.7 million sale of and secured $26.6 million in acquisition financing for Bridges at Kendall Place, a 228-unit, luxury apartment community in Miami, Florida.

HFF represented the seller, Jamestown, in the sale of the asset to Stockbridge Capital Group, LLC (Stockbridge), who purchased the asset on behalf of a pension fund.  

Additionally, HFF assisted the new owner in securing a 10-year, 3.45 percent, fixed-rate acquisition loan through Prudential Mortgage Capital Company.

Bridges at Kendall Place is situated on 15.81 acres at 8485 Hammocks Boulevard in the Kendall neighborhood of western Miami. 

Completed in 2013, the property is within walking distance to several retail and dining options and convenient to several of the Miami area’s largest employers.  The garden-style community has seven, three-story residential buildings totaling 244,236 square feet offering one-, two- and three-bedroom floor plans.

 Property amenities include a swimming pool and sun deck; kids’ room and playground; dog park; clubhouse; fitness center; business center; and access to an adjoining park with lakes and walking trails.

Maurice Habif
The HFF investment sales team representing Jamestown was led by managing director Jaret Turkell and associate director Maurice Habif.

HFF’s debt placement team representing Stockbridge was led by managing director Elliott Throne and director Chip Sykes.

“Bridges at Kendall Place is a best-in-class asset in one of South Florida’s most dynamic and rapidly growing submarkets,” said Turkell.  “This property is a core asset that is well positioned for long-term growth and strong performance.”

“Further adding to the asset’s upside, the buyer was able to lock in excellent long-term, fixed-rate acquisition financing while interest rates are at incredibly low levels,” added Throne.

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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