Monday, June 27, 2011

HFF secures $220 million in financing on behalf of Olen Properties Corp.



IRVINE, CA – HFF announced today that it has secured $220 million in financing for eight multi-housing properties in Florida and Nevada on behalf of Olen Properties Corporation. 

HFF worked exclusively on behalf of the borrower to secure eight separate fixed-rate loans through M&T Realty Capital Corporation.  The loans were sold through M&T’s Fannie Mae Program.  The 10-year terms provided Olen with a reduced cost of capital and additional liquidity.

The properties total 2,468 units and have an average occupancy of in excess of 90%.  Individual property details are below:

Property                                                City, State                             # of Units             

Club Lake Pointe                                  Coral Springs, FL                   240 Units              

Sanctuary Cove                                    Palm Beach, FL                     420 Units              

Weston Place                                       Weston, FL                            372 Units              

Red Rock Villas                                     Summerlin, NV                      192 Units              

Durango North & South                      Las Vegas, NV                        544 Units              

Falling Water                                        Las Vegas, NV                        288 Units              

Hidden Cove                                         Las Vegas, NV                        212 Units              

Horizon Ridge                                       Henderson, NV                     200 Units              

The HFF team representing Olen Properties Corporation was led by senior managing director Don Curtis (top right photo).  Also involved was Elliott Throne (bottom left photo) from the Miami office of HFF, as well as Greg Brown and Brian Torp from the Orange County office.

 For over 30 plus years, Olen Properties Corporation has dedicated itself to creating distinctive commercial and residential communities from coast-to-coast.  Olen’s portfolio boasts more than five million square feet of premier office and industrial projects ideally located throughout Orange County, California.  Olen’s multifamily portfolio of more than 10,000 units in 36 plus residential communities are primarily located in the Las Vegas and South Florida area.

Contacts:      
Donald J. Curtis, HFF Senior Managing Director, (949) 253-8800,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
                                                                                                                                                                         

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