DALLAS, TX – HFF announced today that it has arranged a $31.85 million construction loan for the development of the 196-unit Juanita Village (top left rendering) multi-housing community in Kirkland, Washington.
HFF worked on behalf of M-M Properties and BayNorth to secure the three-year construction loan through Bank of the Ozarks.
The property is located at 11801 97th Street in Kirkland, a suburb of Seattle on the east side of Lake Washington. Due for completion in 2013, the podium-style luxury apartments will have views of Lake Washington. Juanita Village will also feature 8,700 square feet of ground-floor retail.
The HFF team representing the borrowers was led by senior managing director John Brownlee (middle left photo) and managing director Tom Wilson (lower right photo).
M-M Properties is a privately-held real estate investment firm that seeks to provide exceptional risk-adjusted returns to its investors through superior execution of carefully developed strategies.
The company or its principals have engaged in real estate investment activities on behalf of investors, partners or for its own account across a portfolio of assets that has included 36 million square feet of office projects and almost 17,000 multi-housing units with a cumulative transaction volume of approximately $8.6 billion.
BayNorth Capital was formed in July 2004 by the principals of the real estate group of Charlesbank Capital Partners.
The firm includes all of Charlesbank’ s real estate investment staff and makes direct or joint venture real estate investments across the United States.
Charlesbank was formerly known as Harvard Private Capital Group, which was spun out of Harvard Management Company in 1998, and included Harvard's real estate and private equity investment businesses.
Both groups experienced significant growth and in 2004 the two groups mutually decided to focus exclusively on their respective businesses.
As a result, the real estate group formed BayNorth Capital and the private equity group retained the Charlesbank name.
BayNorth continues to manage all of the existing Harvard and Charlesbank real estate investments. In February 2007, BayNorth completed the final closing of its latest fund, BayNorth Realty Fund VII, with $472.5 million in equity commitments from university endowment funds, charitable foundations and family trusts.
The new fund includes virtually all of the investors in Charlesbank Realty Fund V and BayNorth Realty Fund VI, plus several new investors. BayNorth Capital has full discretion over all capital committed to its funds.
Since 1903, Bank of the Ozarks has earned respect as one of the nation’s strongest banks. Headquartered in Little Rock, Arkansas, Bank of the Ozarks has earned several awards including the 2010 Community Banker of the Year Award by American Banker and continues to achieve record net income.
Contacts:
JOHN S. BROWNLEE THOMAS F. WILSON
HFF Senior Managing Director HFF Managing Director
(214) 265-0880 (503) 224-0444
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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