CHICAGO, IL –HFF (Holliday Fenoglio Fowler, L.P.) announced the sale of an ‘A’ note on behalf of Bank of America.HFF managing director Bill Mitchell (top left photo) and senior managing directors Stuart Salins in Chicago and Whitney Wilcox in New York represented the seller in the transaction.
The ‘A’ note, which was sold to a privately-held REIT, has a coupon of 5.60% and is a senior participation in a $104.8 million first lien loan originated in early 2007.
The loan is secured by a 188,458-square-foot Class A office building in San Diego, California. (top right photo)
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, loan sales and commercial loan servicing. http://www.hfflp.com/.
Contacts:
WILLIAM G. MITCHELL, HFF Managing Director, (312) 980-3607, wmitchell@hfflp.com
STUART M. SALINS, HFF Senior Managing Director, (312) 528-3678, ssalins@hfflp.com
WHITNEY H. WILCOX, HFF Senior Managing Director, (212) 242-2425, wwilcox@hfflp.com
KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
HFF secures debt and equity financing for $46M to-be-built luxury multifamily community in Atlanta
ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged debt and equity for the development of Glenwood Avenue Apartments, a 325-unit, five-story luxury multifamily community in Atlanta, Georgia.
Working on behalf of Capital Thirty-Three, HFF director Michael Cale (bottom right photo) placed a $34.39 million construction loan with Regions Bank as well as joint venture equity with institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.
Construction on the five-acre site, which will have 297,600 square feet of rentable space, is expected to commence in summer 2009 with an anticipated completion date of winter 2010.
The units will be certified by the Leadership in Energy and Environmental Design (LEED), one of the first apartment communities in Georgia to receive this distinction.
Apartments will range in size from 650-square-foot one-bedrooms to 906-square-foot two-bedrooms and will include luxury amenities such as high-end countertops, kitchens with stainless steel appliances, nine-foot ceilings, Jacuzzi bathtubs, patios and balconies. “Green” features include energy-saving windows and appliances, low-water consumption plumbing and an eco-friendly roofing system.
“The borrower’s experience in the submarket paired with its ability to secure highly desirable, core land parcels has afforded them a unique opportunity to deliver an exceptional product to a submarket that is quickly expanding due to its proximity to downtown, midtown and other highly traversed areas within metro Atlanta,” said Cale.
“Development opportunities are still possible if you’re offering the right product, in the right place and at the right price,” added Colin Cavill, a Principal Partner at Capital 33.
Contacts:
MICHAEL A. CALE, HFF Director (404) 832-8460, mcale@hfflp.com
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