IRVINE, CA –HFF announced today that it has secured a $7.5 million refinancing for University Hills (top left photo), a 116-unit multi-housing complex near the University of California at Riverside in Riverside, California. Working on behalf of the borrower, Riverside University Hills Apartments, LLC, HFF placed the 10-year, 4.38 percent, fixed-rate financing including two years of interest-only with Freddie Mac (Federal Home Loan Mortgage Corporation).
HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds replaced the existing floating rate debt on the property and included a cash-out component.
University Hills has four residential buildings situated on a 2.5-acre site at 140, 160, 180 and 200 West Big Springs Road in Riverside. The property is across the street from Goodwin’s, an organic grocery store, and close to the 60 and 91 Freeways.
Community amenities include a pool, recreation room and laundry rooms. Overall the property is 91.3 percent leased with 23 percent occupied by students.
The HFF team representing the University Hills Apartments, LLC was led by director Mark Erland and associate director Charles Halladay (middle right photo).
“The borrower was able to take advantage of an extremely low rate environment and lock in long-term fixed-rate financing,” said Halladay.
Contacts:
Mark J. Erland, HFF Director, (949) 253-8800, merland@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
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