Saturday, January 12, 2013

HFF places $15.6 million loan with Freddie Mac for St. Petersburg, FL luxury high-rise


  
Skyline Fifth Apartments, St. Petersburg, FL
 MIAMI, FL – HFF announced it has placed a $15.6 million loan with Freddie Mac for Skyline Fifth, a 178-unit, luxury high-rise multi-housing property in St. Petersburg, Florida.

                HFF worked exclusively on behalf of the borrower, Altis, LLC, to secure the 10-year, 3.71 percent, fixed-rate loan through the agency’s CME Standard Execution Program.  

Loan proceeds were used to acquire the property.  HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.

Elliott Throne
Skyline Fifth is located at 441 33rd Street North close to Interstate 275 and St. Pete Beach in the Kenwood area of St. Petersburg.  Originally built in 1962, the property underwent a complete renovation in 2009 and is currently 97 percent leased. 

Skyline Fifth features one- and two-bedroom units in nine different floorplans.  Community amenities include a swimming pool, cardio center and a café lounge with internet access. 

Manny de Zarraga
 The HFF team representing Altis, LLC, was led by director Elliott Throne and executive managing director Manny de Zárraga.

“The borrower locked in great, long-term financing on a practically brand new asset whose local popularity is evidenced by its very high occupancy. 

"Like many borrowers today, who are taking advantage of this very low interest rate environment, the buyer now has a great financial asset to go along with their real estate asset,” said Throne.

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 | www.hfflp.com

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