Done Deals: HFF Arranges $24.7M Construction Loan for Multifamily Development in Phoenix, AZ

SAN DIEGO, CA, April 2008 – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $24.7 million construction loan for West Town Court (rendering above), a 274-unit multifamily development in Phoenix, Arizona.

HFF se

nior managing director Tim Wright (top right photo) and director Aldon Cole (photo at left) worked exclusively on behalf of The Greystone Group to secure the 36-month, adjustable-rate loan with US Bank.

The Greystone Group is a fully-integrated real estate development, management and construction services firm headquartered in Newport Beach, California. Aries Capital was the co-broker for the transaction.

Estimated for completion in the fourth quarter 2009, West Town Court will have 22 buildings with one-, two- and three-bedroom units averaging 846 square feet. Parking will be available in attached and detached garages as well as surface spaces. The property is situated on 18 acres at the northwest corner of Virginia and 83rd Avenues close to 101 Loop and the Interstate 10 Freeway in Phoenix’s West Valley.

“The West Valley area of Phoenix has experienced explosive population growth over the past 10 years and it continues to have solid job and population growth fueling a maturing economic-base,” said Cole. “These factors, combined with West Town Court’s

close proximity to the recently completed 101 Loop, made this project compelling.

"With home ownership on the decline and very little new-starts of multifamily construction, we feel that there is a broadening of the rental pool and demand should continue to increase for quality properties such as West Town Court.”

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.