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| Falling Creek Apartments, North Chesterfield Submarket, Richmond, VA |
WASHINGTON, D.C. –– Holliday
Fenoglio Fowler, L.P. (HFF) announces joint
venture equity and debt financing totaling $26.031 million for the acquisition
of Falling Creek Apartments, a 348-unit apartment community in the North
Chesterfield submarket of Richmond, Virginia.
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| Jamie Leachman |
The HFF team worked on behalf
of Brick Lane to arrange $6.696
million in joint venture equity through National Property REIT Corporation
(NPRC).
This transaction represents the first partnership between
Brick lane and NPRC.
In addition, the HFF team worked on behalf of the
new partnership to secure a $19.335 million, 12-year, fixed-rate loan
through Freddie Mac’s CME Program, which
funded the remainder of the acquisition costs.
The securitized loan will be serviced by HFF, a Freddie Mac
Multifamily Approved Seller/Servicer for Conventional Loans.
Falling Creek Apartments is
located at 2530 Marina Drive just off Route 301 in North Chesterfield, which
positions the community within minutes of Interstates 95 and 295 and Highway
288.
The property is
situated within the Chesterfield County school district and is less than 10
miles south of downtown Richmond. Falling Creek Apartments consists of 31
two-story buildings encompassing a mix of studio, one- and two-bedroom townhome
and flat-style units.
The HFF debt and equity
placement team representing the borrower consisted of Jamie Leachman.
“Falling Creek aligns with the
core strategy of both Brick Lane and NPRC, both of which seek well-located
properties that can benefit from institutional ownership and operations,”
Leachman said. “It was a privilege to bring together both groups and
assist in their continued success.”
CONTACTS:
JAMIE LEACHMAN
HFF Senior Director
(202) 533-2524
OLIVIA HENNESSEY
HFF Public Relations
Specialist
(713) 852-3500
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