Sunday, March 23, 2014

HFF arranges $25.2 million financing for luxury multi-housing community in St. Petersburg, FL


Elan Gateway Apartments, St. Petersburg, FL


IRVINE, CA - HFF announced it has arranged $25.2 million in financing for Elan Gateway, a newly-completed, 240-unit, luxury multi-housing community in St. Petersburg, Florida.

Kevin MacKenzie
               HFF worked on behalf of the borrower, Thackeray Partners and Greystar, to secure the seven-year, 3.94 percent, fixed-rate loan through a life insurance company.  The loan was used as a forward take-out for the construction financing and was rate locked approximately nine months prior to stabilization. 

               Completed in 2013, Elan Gateway offers one- and two-bedroom units within 10 residential buildings.  Community amenities include a wellness center, two swimming pools, business center, coffee bar, BBQ areas, billiards room and dog run.

  Elan Gateway is located at 11800 Dr. Martin Luther King Jr. Street North across the bay from the Tampa International Airport and close to the Tampa Bay waterfront, St. Pete Beach and Interstate 275.  The property is 94 percent leased.

               The HFF debt placement team representing the borrower was led by senior managing director Kevin MacKenzie and senior real estate analyst Andrew Tighe.

               “The sponsorship was able to think ahead strategically and go to market in parallel with starting the leasing process.  Following an aggressive marketing effort, the result was a loan that fit within the business plan providing for debt and equity take-out, as well as maintaining enough flexibility to exit in the desired time-frame,” said MacKenzie.

Andrew Tighe
Greystar Real Estate Partners is a fully integrated multifamily company offering expertise in property management, development and investment throughout the United States and abroad.

Headquartered in Charleston, SC., Greystar is the largest operator of apartments in the United States and manages approximately 215,000 units in more than 100 markets with more than 5,000 team members.

Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class services in the multifamily real estate business. Greystar’s innovative business model integrates the management, development and investment disciplines of the multifamily industry. To learn more about Greystar visit www.greystar.com. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


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