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| 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.
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| 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.
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| 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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