Wednesday, December 20, 2017

HFF announces $42.8M acquisition financing for 366-unit multi-housing community in Richmond, VA

Nicole Brickhouse
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announces $42.8 million in acquisition financing for Copper Spring, a 366-unit, garden-style multi-housing community in the sought-after West End neighborhood of Richmond, Virginia.
Working exclusively on behalf of the borrower, StoneBridge, the HFF team placed the 10-year, floating-rate loan with Freddie Mac’s CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Elliot Throne
Copper Spring consists of 23 two- and three-story residential buildings, which house 212 one-bedroom and 154 two-bedroom units averaging 846 square feet.  

The property is situated on 29.775 acres at 3301 Copper Mill Trace across the street from a shopping center occupied by Costco, Lowe’s, Kroger and Sam’s Club, and accessible to the Richmond area’s major transportation arteries via Interstate 64.  

Community amenities include two resort-style pools, a lighted tennis court, racquetball court, grilling stations, playground, 24-hour fitness center, clubhouse, gaming area with shuffleboard and car wash area.  The property is 97.8 percent leased.

The HFF team representing the borrower included managing director Elliott Throne and director Nicole Brickhouse.

“This transaction presented the borrower an opportunity to take advantage of the aggressive financing terms available in today’s capital markets for value-add multi-housing assets,” said Brickhouse. “We are proud to have worked with the StoneBridge team to help facilitate their first acquisition in Richmond, Virginia, where they will bring their expertise and high-quality operations to Copper Spring residents.”

For more information on this transaction, please visit::

Olivia Hennessey
Public Relations Specialist
9 Greenway Plaza Suite 700
T: 713-852-3403