HFF secures $21 million financing for student housing property in Charleston, SC

Timothy Joyce

CHICAGO, IL – HFF announced it has secured $21 million in financing for Campus Center Apartments, a 194-unit/419-bed student housing property serving the College of Charleston (COC) in Charleston, South Carolina.

                HFF worked on behalf of Harrison Street Real Estate Capital to place the 10-year, fixed-rate loan with Prudential Mortgage Capital Company. 

                 Completed in 2013, Campus Center Apartments is 100 percent occupied and is comprised of 194 units averaging 672 square feet each.  The property includes a 17,764-square-foot fitness center featuring state-of-the-art equipment and group fitness classes that is leased to the COC.  The property is located adjacent to campus at 50 George Street.

                The HFF team representing the borrower was led by managing directors Timothy Joyce and Stephen Skok.

Harrison Street Real Estate Capital was founded in 2005 and has approximately $7.3 billion in assets under management and has acquired or developed 400 assets including more than 50,000 student housing beds, more than 11,600 seniors housing/assisted living units, more than 4.8 million square feet of medical office space, more than 36,000 self-storage units, and more than 4,100 wet and dry boat storage units.

Stephen Skok

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $79 billion in assets under management and administration as of June 30, 2014. 

Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors.

 The company maintains a loan servicing portfolio of approximately $76.7 billion, as of June 30, 2014.

For more information, please visit http://www.prumortgagecapital.com.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures $18.75 million in financing for six-property industrial portfolio in Dallas-Ft. Worth, TX

Tucker Knight

HOUSTON, TX – HFF announced it has arranged $18.75 million in acquisition financing for a six-property, 16-building industrial portfolio totaling 462,618 square feet in the north Dallas-Ft. Worth area.

                HFF worked exclusively on behalf of the borrower, Red Tail Acquisitions, to secure the 10-year, fixed-rate loan through a correspondent life insurance company.

 Loan proceeds were used to purchase the portfolio for an undisclosed amount.  HFF’s Dallas-based brokerage group also represented the seller in the sale.

The portfolio consists of 1360-1420 Presidential Drive and 850-890 North Dorothy Drive in Richardson, Texas and 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Drive and 2855 Trinity Square Drive in Carrolton, Texas. 

Located in infill, established industrial submarkets, the properties are all near major transportation arteries, including Interstates 35 and 635 and Highway 75.  The properties are 87 percent leased overall to 41 tenants, including NOW Specialties, Inc.; Optex Systems, Inc.; Laboratory Corporations of America; SKH Beauty, Inc.; All Sorts Mailing Services; Circuitco Electronics LLC; Advanced Environmental Concepts; Select Cabinet Co.; Milestone Construction; TraStar, Inc.; and Gym Ratz Basketball Club, LLC.

Lighting Industrial, Dallas, TX

The HFF debt placement team representing the borrower was led by managing director Tucker Knight.

“The DFW industrial submarket is one of the most established industrial submarkets in Texas,” Knight said.  “The properties in this portfolio are well-located, quality assets, and I expect them to see an upward trend in leasing.” 

Red Tail Acquisitions (RTA) is a value and core-plus investor that seeks office, industrial and retail properties.  Over the last 25 years, the group has purchased more than 10 million square feet of commercial property in the western United States. 

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

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

$9.6 Million in Financing for Murfreesboro, TN Student Housing Arranged by R3 Funding

University Ridge Student Housing, Murfreesboro, TN

NEW YORK, NY – R3 Funding, a national lender correspondent providing origination, has arranged a $9.6 million Fannie Mae ARM loan for a Murfreesboro, TN student housing complex.

 The announcement was made by Ray Potter, managing partner of R3 Funding.

University Ridge is a 512-bed resort style student housing complex serving Middle Tennessee State University that was acquired by a major real estate fund in 2012.

The fund bought the property close to stabilization and utilized the Fannie Mae ARM, which allows them to convert to a fixed rate product. The Fannie Mae financing that R3 Funding arranged is for a seven-year term and features a 30-year amortization. The LTV is 70 percent.

Ray Potter

“University Ridge’s resort-style setting makes it a great housing solution for students at Middle Tennessee State University,” said Mr. Potter. “We were happy to be able to connect ownership in a timely fashion with the financing that best suited its needs.”

For more information visit http://www.r3-funding.com/

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

Great Ink Communications—212-741-2977

Eric Gerard,  Eric@greatink.com

Carl Gaines, carl@greatink.com

Roxanne Donovan, Roxanne@greatink.com

Thomas D. Wood and Co.’s Sarasota Office Secures $6.83 Million in Commercial Mortgage Transactions

Brad Cox

Sarasota, FL – The Sarasota Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $6,830,000 in commercial mortgage transactions for properties located in Florida and Georgia.  Interest rates continue to stay as low as 4.0%, contributing to the increase in successful closings.

Company Senior Vice President Brad Cox, CCIM, secured financing for the Palm Terrace Professional Plaza in the amount of $2,050,000 through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company. 

The fully-amortizing loan has a term of 25 years, with interest rate resets at years five, 10, 15 and 20.  The 28,423 square-foot office building is located in Fort Myers, Florida.

Cox secured financing for the Neff Rental Building in the amount of $775,000 through The Standard.  The fully-amortizing full-recourse loan has a term of 20 years.  The 7,920 square-foot mixed-use (showroom-office-warehouse) building is located in Tallahassee, Florida.

Cox obtained financing for Silver Springs Commons in the amount of $1,750,000 through Thomas D. Wood and Company’s correspondent relationship with Ohio National Life Insurance Company.  The fully-amortizing recourse loan has a term of 15 years.  The 14,698 square-foot retail plaza is home to major tenants Submway, Payless Shoe Source and Hair Cuttery, and is located in Ocala, Florida.

  

Cox secured financing for Oakwood Plaza in the amount of $680,000 through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company.  The fully-amortizing full-recourse loan has a term of 20 years.  The 15,200 square-foot retail building is located in Flowery Branch, Georgia.

The Sarasota office also secured financing for Sun City Inn, a hotel located in Sun City, Florida, in the amount of $1,575,000.

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

Jessica Kinnee

Sr. Vice President                             

Director of Marketing & Public Relations           

Thomas D. Wood & Co.           

(407) 374-0251              

jessica@tdwood.com