Thursday, March 28, 2013

HFF closes $19.7 million sale of and arranges $14.6 million financing for Fountains at North Port in North Port, FL



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.

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.
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.

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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