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| Fountains at North Port, North Port, FL |
MIAMI, FL – HFF announced today that it has closed the $19.7
million sale of and arranged a $14.6 million financing for the Fountains at
North Port, a 312-unit, garden-style multi-housing community in North Port,
Florida.
HFF marketed the property on behalf of the seller. Symcor Capital Properties, Inc. purchased
the property for $19.7 million free and clear of existing debt.
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| Matt Mitchell |
In addition, HFF
assisted in securing a 10-year, fixed-rate loan on behalf of the buyer through
GE Capital Real Estate.
Proceeds from the loan were used to acquire the property.
The Fountains at North Port is situated on nearly 27 acres
at 1015 Panacea Boulevard proximate to Interstate 75 in North Port.
 |
| Jaret Turkell |
Constructed in 2000, the property is 95 percent leased and
consists of one-, two- and three-bedroom units averaging 923 square feet
each.
Community amenities include a clubhouse, computer center,
fitness center, resort-style swimming pool and spa.
The HFF investment sales team representing the seller was
led by directors Matt Mitchell and Jaret Turkell, and supported
by real estate analysts Maurice Habif, Scott Wadler and Zach
Nolan.
HFF’s debt placement team representing the buyer was led by
director Elliott Throne and associate director Todd Adams.
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| Zach Nolan |
HFF’s Florida multi-housing and land group has closed more
than $780 million of multi-housing transactions for the 12 months ending
December 31, 2012, and the firm was also ranked as a top capital markets
intermediary nationally by the Mortgage Bankers Association for the past five
years.
Within the past 18 months, Symcor Capital Properties, Inc.
has acquired over $45,000,000 of residential properties and is actively looking
for new opportunities.
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| Todd Adams |
Symcor expects to double their Florida portfolio within the
next year. The principals at Symcor are hands on and bring their management
expertise to each and every deal.
For a complete copy of the company’s news release, please
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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