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| Riverwalk at Millennium Apartments, 309 Washington Street, Conshohocken, PA |
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| Kevin O'Hearn |
PHILADELPHIA, PA – HFF announced today that it has closed
the sale of and arranged joint venture equity and acquisition financing for Riverwalk
at Millennium, a 375-unit Class A multi-housing community in Conshohocken,
Pennsylvania.
HFF marketed the property on behalf of the seller, Riverwalk
Realty Company, Inc. A joint venture
arranged by HFF between Scully Company and Long Wharf Real Estate Partners LLC
purchased the asset.
Additionally, HFF worked on behalf of the buyer to place the
10-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage
Corporation) CME Program.
The
securitized loan will be serviced by HFF through its Freddie Mac Program Plus®
Seller/Servicer program.
Riverwalk at Millennium is situated on 7.89 acres at 309
Washington Street in Conshohocken, a suburb northwest of Philadelphia that
borders the Schuylkill River.
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| James Conley |
The SEPTA Regional Rail line is a short walk away, and
Center City Philadelphia is approximately 20 minutes from the transit-oriented
property. Directly behind the property
is the Schuylkill River Trail, which is used for running and biking along the
river between Valley Forge and Center City.
The four-story buildings sit above single-story parking
garages and are composed of 239 one- and 136 two-bedroom units averaging 923
square feet.
Originally constructed in
2005, 189 units were rebuilt in 2010 after a construction fire at an adjacent
property burned down two of the property’s four buildings.
Community amenities
include a clubhouse with fireplace, billiards and pub room, a resort-style
outdoor pool with sundeck, river views, fitness center and business center with
conference facilities.
The HFF investment sales team representing the seller was
led by senior managing directors Mark Thomson, Zac Pierce and Jose Cruz and
managing director Kevin O’Hearn.
HFF’s debt and equity placement team was led by senior
managing director Jim Cadranell and managing directors Ryan Ade
and James Conley.
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
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