Sunday, January 15, 2017
HFF secures $27 million refinancing for 361-unit multi-housing community in suburban Minneapolis, MN
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $27 million refinancing for SpringBrook Apartments, a 361-unit, garden-style multi-housing community in the northern Minneapolis suburb of Fridley, Minnesota.
HFF worked on behalf of the borrower, University Avenue Associates LLP, to secure the 25-year, fully amortizing, 3.61 percent fixed-rate loan through a correspondent life insurance company lender.
SpringBrook Apartments is located at 111 83rd Avenue NE in Fridley. Approximately five miles north of Minneapolis, the property is accessible to the Twin Cities metropolitan area via nearby State Highways 47 and 65 and Interstates 610 and 694.
The property comprises nine, three-story apartment buildings and one, single-story townhome building with units averaging 1,019 square feet.
Community amenities include an outdoor and indoor swimming pool, hot tub, sauna, 24-hour fitness center, tennis courts, volleyball courts, basketball courts, horse shoe courts, putting green, clubhouse, party room, game room, playground, ponds with fountains and access to nature trails. SpringBrook Apartments was 100 percent occupied as of year-end 2016.
The HFF debt placement team representing the borrower was led by associate director Brock Yaffe.
“The HFF team delivered the product that matched our group's requirements for this core holding,” stated a representative from University Avenue Associates LLP. “HFF’s service – from the initial number crunching, to marketing and negotiations, through closing – was top notch.”
For a complete copy of the company’s news release, please contact:
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com