Monday, October 8, 2012

HFF arranges 80 percent loan-to-value refinance for Des Moines, IA multi-housing property



e300 Apartments, Des Moines, IA
CHICAGO, IL – HFF announced today that it has arranged an 80 percent loan-to-value refinance of the E300 Apartments, a 79-unit, Class A multi-housing community with ground floor retail located in downtown Des Moines, Iowa.

                HFF worked exclusively on behalf of the borrower, Nelson Development 15, LLC to secure the 10-year, fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation).  HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.

Trent Niederberger
E300 is located at 300 East Grand Avenue in the East Village area of downtown Des Moines.  Completed in 2008, the five-story property has studio, one-, two- and three-bedroom units and is 99 percent leased.  Zombie Burger and Bloom Salon occupy the 11,000 square feet of retail space.  Property amenities include a rooftop fitness center and patio as well as a resident lounge. 

The borrower was represented by Trent Niederberger of HFF and Ryan Barton of Evergreen Capital Group, an Iowa-based investment banking firm specializing in tax credits and debt placement.


Contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

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