IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a construction loan and joint venture equity for the development of Pioneer Meadows, a 300-unit Class A multifamily development to be built in Sparks, Nevada.
HFF director Mark Erland worked exclusively on behalf of Fore Property Company to arrange the $29.5 million, three-year construction loan.
The $9.5 million in joint venture equity was provided as the third venture through an existing institutional partner arranged by HFF. (Fore's completed 216-unit Zephyr Pointe apartments in Reno, NV, top right. The company's 236-unit Casa Sorrento apartments in Las Vegas, top left)
Due for completion in September 2009, Pioneer Meadows will have 19 buildings with one-, two- and three-bedrooms and loft units averaging 949 square feet each. Parking will be provided through a mix
ture of garages, covered parking and surface spaces. Community amenities include a state-of-the-art clubhouse, pool facility and fitness center.
ture of garages, covered parking and surface spaces. Community amenities include a state-of-the-art clubhouse, pool facility and fitness center. The project is located on a 20-acre site in the master planned community of Pioneer Meadows, which features the award winning Red Hawk golf course and a new community retail center with national tenants. 
“Pioneer Meadows will be the market leader in quality for Class A apartments in the Sparks area with superb amenities, highly finished units, and a top management team,” said Erland. “Fore Property Company has substantial experience developing and owning multifamily properties in the Reno-Sparks market.”
Fore Property Company is a full-service national real estate company with move than 30 years of experience in developing, constructing and managing apartment communities.
Fore Property Company has developed over 15,000 units in 13 states. As an integrated developer, it builds thr
ough its CANV Construction unit and manages through FPC Management. (Fore's completed 228-unit Horizon Seniors apartments in Henderson, NV at left)
ough its CANV Construction unit and manages through FPC Management. (Fore's completed 228-unit Horizon Seniors apartments in Henderson, NV at left)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.
CONTACTS:
Mark J. Erland, HFF Director, 949 253 8800, merland@hfflp.com
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com
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