 |
| Mona Carlton |
MIAMI, FL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged $54.25 million in
financing for the 281-unit Fountain Lake
Apartments in Bradenton, Florida, and the 276-unit Sienna Bay Apartments in
St. Petersburg, Florida.
HFF worked exclusively on
behalf of the borrower, Beachwold Residential (“Beachwold”), to place two
separate ten-year, fixed-rate loans with Goldman Sachs.
The loan proceeds were used to retire existing bridge financing and return sponsor equity following a renovation/expansion program that allows the sponsor to raise rents and improve the asset’s competitive profile in the market.
The loan proceeds were used to retire existing bridge financing and return sponsor equity following a renovation/expansion program that allows the sponsor to raise rents and improve the asset’s competitive profile in the market.
Fountain Lake Apartments
is located in Bradenton at 5620 Fountain Lake Circle convenient to numerous
institutions of higher learning, including the Ringling College of Art and
Design and the State College of Florida.
 |
| Elliott Throne |
The 281-unit, garden-style property was
originally constructed with 201 units in 1984 with Beachwold adding an
additional 80 units in 2016 after its acquisition of an adjacent five-acre
site.
Community amenities include a swimming pool,
hot tub, grilling area, pickleball court, volleyball court, state-of-the-art
fitness center, clubhouse and business center.
Sienna Bay Apartments is located approximately
36 miles north of Fountain Lake Apartments at 10501 3rd Street in St.
Petersburg. The property is near the
3.2-million-square-foot Carillon Office Park, which is home to employers such
as Humana, Raymond James and SunTrust Bank.
Most recently renovated by
Beachwold between 2015 and early 2017, community features include a swimming
pool, courtyard, lighted tennis court, state-of-the-art fitness center, dog
park, clubhouse and business center.
The HFF debt placement
team was led by senior managing director Mona
Carlton, managing director Elliott
Throne and associate director Matthew
Sand.
“The financing provided by
Goldman Sachs highlights the fact that there is an abundance of aggressive
capital available for multi-housing owners,” Throne stated. “The properties are a prime example of
Beachwold’s expertise in acquiring value-add assets, where they can implement
their renovation and enhancement program and then secure them with attractive
long-term capital.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza,
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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