HFF secures $48.15 million acquisition financing for St. Paul apartments on behalf of Abacus Capital Group LLC

Mona Carlton

DALLAS, TX – May 2, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $48.15 million in acquisition financing on behalf of affiliates of Abacus Capital Group LLC (Abacus) for The Burlington, a 427-unit apartment community in St. Paul, Minnesota.

  

Working on behalf of a fund advised by Abacus, HFF placed the floating-rate loan via revolving credit facility with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

  

The Burlington is located at 1180 Cushing Circle approximately 6.5 miles northwest of downtown St. Paul.  The 98-percent-leased property is just south of Lake Como and the Como Park Zoo and accessible to Route 51 and Interstates 94 and 35.  The Burlington has studio, one- and two-bedroom units ranging from 454 to 1,361 square feet and features a swimming pool, spa, grilling area, tennis court, fitness center, clubhouse with coffee bar and access to nearby walking and biking trails.

The HFF debt placement team representing the borrower was led by senior managing director Mona Carlton.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF represents seller in connection with 2.2-acre Miami development site and secures JV equity to develop 330-unit multi-housing/retail project on the site

  

2701 Biscayne Boulevard Development Site, Edgewater District
Near Downtown Miami, FL

Jaret Turkell

MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has represented a fund operated by Encore Capital Management in the sale of a 2.2-acre, fully-approved land site in Miami.

 In addition to the sale, HFF assisted the purchaser in raising joint venture equity for the development of a 330-unit mixed-use multi-housing and retail project on the site.

HFF marketed the land on behalf of the seller, Encore Housing Opportunity Fund, one of three funds operated by Encore Capital Management.  

The Richman Group Development Corporation (Richman), a subsidiary of The Richman Group of Florida Inc., purchased the site free and clear of debt. 

Additionally, HFF assisted Richman in identifying and securing Invesco Real Estate as their joint venture development partner.

The development site is located at 2701 Biscayne Boulevard with more than 200 feet of frontage along Miami’s coveted Biscayne Boulevard in the Edgewater District.

The HFF investment sales team representing Encore Housing Opportunity Fund was led by managing director Jaret Turkell and associate director Maurice Habif.

HFF’s equity placement team was led by Turkell and Habif along with managing director Chris Drew.

“This property is positioned in the heart of Edgewater at the intersection of Miami’s most exciting neighborhoods: Wynwood, Midtown Miami and the Design District,” said Turkell.  “The long-term growth prospects are phenomenal for this area as young renters flock to this area – it has rapidly become the trendiest part of town.”

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.therichmangroup.com.

HFF arranges $129.78 million financing for Two Class A apartment communities in Thousand Oaks, CA

 

Mike Tepedino

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $129.78 million in financing for two Class A apartment communities, The Knolls and Westlake Canyon, totaling 672 units in Thousand Oaks, California.

Working exclusively on behalf of the borrower, a joint venture between institutional investors advised by J.P. Morgan Asset Management and SARES-REGIS Group, HFF placed the five-year, floating-rate loan with a national bank.  Loan proceeds were used to pay off maturing debt and fund future planned capital improvements.

The Knolls and Westlake Canyon are adjacent communities located at 2544 Vista Wood Circle and 2338 Fountain Crest Lane, respectively. 

The properties are situated northeast of the intersection of State Road 23 (Moorpark Freeway) and State Highway 101 (Ventura Freeway) and are accessible to amenities, including multiple retail destinations, nature trails at the Santa Monica National Recreation Area, wine tasting at Westlake Village Inn Resort and lakeside dining at Westlake Lake.

 The Knolls offers residents two swimming pools, four spas, a fireside lounge, clubhouse with library, fitness center, two racquetball courts and lighted tennis court.  Westlake Canyon has an amenity package featuring a heated swimming pool, spa and fitness center.

The HFF debt placement team representing the borrower was led by executive managing director Mike Tepedino, senior managing director Kevin MacKenzie, managing director Charles Halladay and director Brian Torp.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.jpmorgan.com/institutional/global_real_assets.

HFF arranges financing totaling $20.747 million for Two Colorado Springs multi-housing communities

Brock Yaffe

 DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged financing totaling $20.747 million for two adjacent Colorado Springs multi-housing communities: Summer Grove and Tanglewood.

Working on behalf of the borrower, Vukota Capital Management (VCM), HFF placed two seven-year, fixed-rate Fannie Mae loans with M&T Realty Capital Corporation.  The loans have three years interest only and were used to acquire the properties.

Summer Grove has four three-story buildings, which house 374 one-, two- and three-bedroom units.  Tanglewood is a five-building property with 122 one- and two-bedroom units averaging 653 square feet each.  The properties are situated on 12.14 acres at 3802 and 3803 Halfturn Road near the prominent Academy Boulevard and Austin Bluffs Parkway intersection. 

The HFF debt placement team representing the buyer was led by associate director Brock Yaffe and managing director Josh Simon.

“We are pleased with HFF’s efforts in assisting us with arranging attractive financing.  The funds will allow VCM to continue assembling a portfolio of value-add, workforce housing assets,” said VCM President and CEO Tom Vukota.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.vukotacapital.com.

HFF arranges financing totaling $37.6 million on behalf of Beachwold Residential for apartment communities in Florida and Texas

Mona Carlton

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured financing totaling $37.6 million on behalf of Beachwold Residential for the acquisition of Verandahs at Hunt Club in Apopka, Florida, and Pecan Creek in Bedford, Texas.

HFF worked exclusively on behalf of the borrower, Beachwold Residential (Beachwold), to place three-year, floating-rate acquisition loans with NXT Capital (NXT).  Additionally, HFF represented the seller in sale of Pecan Creek to Beachwold for an undisclosed amount.

Verandahs at Hunt Club is located at 3000 Foxhill Circle near Route 436, Highway 441 and Interstate 4 in Apopka, which is approximately 18 miles northwest of downtown Orlando in Central Florida’s Orange County. 

Situated on a wooded 21-acre site, the property has 21 two-story residential buildings encompassing 210 one-, two- and three-bedroom units averaging 1,185 square feet each.  Community amenities include a resort-style swimming pool with sun deck, spa, playground, two tennis courts, putting green, dog park, 24-hour fitness center and car care center.

Elliott Throne

Pecan Creek is located at 2500 Central Drive in Bedford, Texas, a suburban city in the Hurst-Euless-Bedford submarket approximately seven miles east of the Dallas/Fort Worth International Airport.  The community is 98.5 percent leased and has 272 one- and two-bedroom units.  Community amenities include two swimming pools, picnic areas and two laundry care centers.

HFF’s debt placement team representing Beachwold was led by managing director Elliott Throne along with senior managing director Mona Carlton and associate director Michael Cosby.

The HFF investment sales team representing the seller in the Pecan Creek transaction was led by directors Blair Lang and Rob Key.

“Beachwold continues to find great assets in the Florida and Texas markets that play really well into their value-add strategy of acquiring solid properties with significant upside,” Throne said.  “NXT’s aggressive loan terms will further enable Beachwold to execute their business plan as they have done numerous times during the last few years.”

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Mortgage Bankers Association Backs FHFA Move on Increasing Multifamily Lending Caps Adjustment

David H. Stevens

WASHINGTON, DC -- The Federal Housing Finance Agency (FHFA) today announced that it has increased the 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion, effective immediately.

David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association, issued the following statement:

“MBA supports FHFA’s data-driven approach in reviewing the size of the multifamily loan origination market. 

“Current consensus projections for the size of the 2016 market, including MBA’s own, have increased to approximately $260 billion from earlier projections in the $220 billion range. 

“FHFA’s review and adjustment mechanism in its 2016 Scorecard and its close monitoring of changing market conditions will support continued liquidity in workforce rental housing, help avoid market disruptions, and allow for competition among capital sources that finance this vital market.” 

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727 

Mortgage Bankers Association Reports Demographics and the Economy Drive Reduced Rental Housing Affordability

Lynn Fisher

WASHINGTON DC -- The Mortgage Bankers Association's Research Institute for Housing America (RIHA) released a new report, detailing how household formation by Millennials and the shift of many potential homeowners to a rental market during the depths of the Great Recession combined to create the current affordability crisis in rental housing.

The report, Diverted Homeowners, the Rental Crisis, and Foregone Household Formation, analyzes various supply and demand factors that have led to this crisis and provide detailed analysis of the shifts in homeowner and rental demand.

“Demand for rental housing has greatly outstripped supply, rapidly pushing vacancies down and rents up even as incomes fell. The supply is still trying to catch up with the demand,” said Lynn Fisher, RIHA’s Executive Director and MBA’s Vice President for Research and Economics.

“In the middle of the last decade, right as the Millennials were anticipated to begin forming their own households and increase demand for rental housing, the supply side of the market stalled due to the turmoil in credit markets. 

“At the same time, homeowners diverted from ownership piled into the rental market.  The single family rental sector certainly grew, but was only able to accommodate some of the increase.”

The analysis was conducted by Dowell Myers, Gary Painter, Hyojung Lee, and JungHo Park of the Sol Price School of Public Policy at the University of Southern California.

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727