IRVINE, CA – HFF announced today that it has arranged a $26 million refinancing for Rosewood Park Apartments, a 900-unit multi-housing community in Reno, Nevada.
HFF worked on behalf of the borrower, Buff Management, to secure the five-year, fixed-rate loan through AIG Asset Management. Loan proceeds replaced an existing financing that matured in September. HFF will also service the loan.
Rosewood Park Apartments is situated on 38.13 acres at 4500 Mira Loma Drive near the Reno/Tahoe International Airport in southeast Reno. The property has 112 buildings with one-, two- and three-bedroom units averaging 833 square feet each. Community amenities include four pools, four lighted tennis courts, four basketball courts, two spas, a fitness center, volleyball court and on-site laundry. Rosewood Park Apartments is 86 percent leased.
The HFF team representing Buff Management was led by managing director David Bleiweiss (middle right photo) and associate director Greg Brown.
“With our life company correspondent relationships, we were able to secure an attractive fixed-rate loan on the largest apartment project in the Reno market, on an asset that had only recently stabilized and in a market that has been doing the same,” said Bleiwess.
Buff Management manages a portfolio of approximately 3,500 units in Southern California, Reno, Las Vegas and San Antonio.
Contacts:
David A. Bleiweiss, HFF Managing Director, (949) 253-8800,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
HFF arranges $23.5 million financing for Plantation Colony Apartments in Broward County, FL
MIAMI, FL – HFF announced today that it has arranged $23.5 million in financing for Plantation Colony Apartments (middle left photo), a 256-unit multi-housing community in Plantation, Florida.
HFF worked exclusively on behalf of the borrower to secure the seven-year, fixed-rate loan through Western National Life Insurance Company. Loan proceeds were used to recapitalize the property.
Plantation Colony Apartments, located at 8210 SW 12th Street near Interstate 595 and Pine Island Road, is adjacent to the Cornerstone Corporate Park and Crossroads Business Park about 12 miles west of downtown Fort Lauderdale. The property, which recently underwent unit renovations and common area upgrades, has one- and two-bedroom units and is 95 percent leased. Residents have access to two pools, two lighted tennis courts, a computer lab, car care center, fitness center, playground and dog park.
The HFF team representing the borrower was led by senior managing director Paul Stasaitis (lower right photo).
“The desirability of the property’s location and the owner’s attention to property improvements contributed greatly to the very long history of high occupancy at the property,” said Stasaitis. “This only expanded the level of lender interest, and in this case a life company execution was the most compelling choice.”
Contacts:
Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333, pstasaitis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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