CHICAGO, IL – The Chicago and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged nearly $25 million in financing for Golf Brook (bottom left photo) and Sabal Park Apartments,(top right photo) two multifamily communities totaling 357 units in Longwood, Florida.
HFF directors Matthew Schoenfeldt (bottom right photo) and Elliott Throne (bottom left photo) worked on behalf of NTS Development Company to secure the floating-rate loans through Freddie Mac’s “capped ARM” financing program.
A $14.63 million loan was arranged for Golf Brook and a $9.6 million loan was secured for Sabal Park. Both loans will be serviced by HFF.
NTS Development Company is a full-service, diversified real estate company with a portfolio of apartment homes, residential communities and commercial properties located in Kentucky, Indiana, Tennessee, Virginia, Georgia and Florida.
Located at 385 Golf Brook Circle (Gold Brook Apartments) and 32 Sabal Park Place (Sabal Park Apartments), both communities are easily accessible from State Route 434 and Interstate 4 approximately 13 miles from downtown Orlando in Longwood.
Golf Brook Apartments has 195 units averaging 1,538 square feet each and is currently 92.3 percent leased. The 90.7 percent occupied Sabal Park Apartments offers 162 units averaging 1,497 square feet each. Both communities feature fitness centers, swimming pools, hot tubs and car wash facilities for residents.
“Despite the tightening lending conditions, a quality multifamily product with superior sponsorship will still be able to find financing,” said Schoenfeldt.
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.
CONTACTS:
Elliott P. Throne, HFF Director, (305) 448-1333, ethrone@hfflp.com Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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