HFF arranges $17.745 million financing for 188-unit multi-housing community in Reno, NV

The Bungalows at Sky Vista, Reno, NV

Kevin MacKenzie

IRVINE, CA – HFF announced it has arranged $17.745 million in financing for The Bungalows at 

Sky Vista, a newly-built, 188-unit, Class A multi-housing community located in Reno, Nevada.

HFF worked on behalf of Silverwing Development Corporation to secure the seven-year, 2.42 percent, 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.  Loan proceeds will be used to pay off the existing construction loan.

                The Bungalows at Sky Vista is a two-phase multi-housing community that currently has 188 single-story units with direct access to attached garages and will eventually expand to a total of 338 units.

 The first phase was completed in 2014 and includes a resort-style lap pool and spa with controlled access, clubhouse with big screen TV and business center, 24-hour fitness center, on-site community garden, playground and two private dog parks. 

Greg Brown

With the completion of Phase II, residents will have access to a one-mile paved walking trail in addition to the seven paved miles currently available.  Situated on 19.6 acres at 9755 Silver Sky Parkway in the northern part of Reno, the property is located within the Sky Vista master-planned community that includes 2,286 homes. 

The Bungalows at Sky Vista is less than one mile north of Highway 395, five miles from downtown Reno and approximately 45 miles from Lake Tahoe.

                The HFF debt placement team was led by senior managing director Kevin MacKenzie, associate director Greg Brown and real estate analyst Jamie Kline.

                “The fundamentals in the Reno apartment market have continued to improve, and HFF was able to provide the client with an excellent opportunity to refinance their existing debt and execute a plan in line with their strategic vision for the property,” Brown said.

                Silverwing Development Corporation, which operated in California, Texas and Nevada, has now relocated to Reno, Nevada, with focus on growth in Northern Nevada markets.

 Since its operations in 1986, the company has been active in residential, commercial and land development in California, Nevada and Texas.  Its principals have developed properties in 11 states throughout the nation.

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