SAN DIEGO, CA – The San Diego and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured $5.3 million in financing for Windward at the Villages, a 196-unit multifamily community in West Palm Beach, Florida. Working exclusively on behalf of a California-based client, directors Aldon Cole (top right photo) of HFF San Diego and Elliott Throne (top left photo) of HFF Miami placed the 6.11% fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae).
The loan has a 10-year term that is interest-only and is open at PAR after year five. Loan proceeds were used to acquire the property and the borrower has plans for nearly $1 million in future unit upgrades.
Located at 1441 Brandywine Road overlooking the Bear Lakes Country Club in West Palm Beach, Windward at the Villages has easy access to the Florida Turnpike, Interstate 95 as well as the central business and airport districts. The 95% leased property has 12 buildings with one- and two-bedroom units averaging 938 square feet each. Community amenities include a swimming pool, tennis court, volleyball court, car wash area and fitness center.
“This was a timely acquisition for our client, who was able to take advantage of favorable debt in conjunction with purchasing an institutional-quality asset significantly below replacement cost,” said Cole.
HFF (NYSE: HF) operates out of 17 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:
ALDON L. COLE, HFF Director, (858) 552-7690, acole@hfflp.com
ELLIOTT P. THRONE, HFF Director, (305) 448-1333, ethrone@hfflp.com
KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com
krmurphy@hfflp.com
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