HFF arranges $9.47M refinance of student housing complex near UNC Charlotte

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged a $9.47 million refinancing for the University Club, a 520-bed student housing complex near the University of North Carolina at Charlotte, North Carolina.

Working on behalf of Harrison Street Real Estate Capital and The Priess Company, HFF director Tim Joyce (top right photo)  placed a 10-year, 5.97% fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

University Club, located at 10035 Dabney Drive, is situated one-half mile from the the campus of the University of North Carolina at Charlotte.

The 94% leased property, purchased by the borrowers in 2006, has 130 four-bedroom/four-bathroom units. Community amenities include a clubhouse, fitness center, computer center, swimming pool, basketball and volleyball courts and tanning beds.

“University Club has an excellent location, approximately one-half mile from the UNC at Charlotte campus and offers a top-of-the-line amenity package at a great value to the students and renters at the property,” said Joyce.

Harrison Street Real Estate Capital, LLC, is a real estate private equity firm founded in 2005. The firm, on behalf of Harrison Street Real Estate Partners I and II, currently owns 177 properties equating to approximately $2.4 billion in real estate assets which includes over 12,900 student housing beds, 3,900 senior housing / assisted living units, over 61,000 self-storage units, 2,800 dry & wet boat storage slips and 900,000 square feet of medical office space.

 For more information on Harrison Street Real Estate Capital please visit http://www.harrisonst.com/.

Contacts:
Timothy J. Joyce, HFF Director, (312) 528-3650, tjoyce@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF named to market for sale former Circuit City property in Melbourne, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale a 22,723-square-foot former Circuit City building located in Melbourne, Florida.

HFF managing director Brad Peterson (bottom right photo) will lead the marketing efforts on behalf of the seller, GE Commercial Finance Real Estate. The property is offered for $1.6 million or $86 per square foot.

Completed in 1992, the property was most recently occupied by a regional appliance retailer after Circuit City vacated the building in 2006. The property is situated on 3.6 acres at 2730 West New Haven Avenue in Melbourne and is also shadow-anchored by Target.

“The former Circuit City building may present an opportunity for a retailer or other user to purchase a prime location along US-192, the most dominant corridor in Brevard County with a daily traffic count of nearly 40,500 cars per day, at a discount to replacement cost,” said Peterson.

Contacts:

H. Bradley Peterson, HFF Managing Director, (407) 286-5224, bpeterson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com