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| The Lakes at Port Richey Apartments, Port Richey, FL |
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| Elliott Throne |
MIAMI, FL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged $22.25 million in
acquisition financing for The Lakes at
Port Richey, a 288-unit, garden-style apartment community in Port Richey,
Florida.
Working exclusively on
behalf of Agora Capitol Partners Inc., HFF placed the 10-year, floating-rate
loan with Freddie Mac’s CME Program. The
securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved
Seller/Servicer for Conventional Loans.
The Lakes at Port Richey
features 24, two-story buildings totaling 264,168 rentable square feet with a
variety of five one-, two- and three-bedroom layouts.
The property has been
recently renovated with common area enhancements and interior upgrades to select
units, including the addition of faux granite countertops, raised panel cabinet
doors, new appliances and faux wood plank flooring.
Community amenities
include a swimming pool with cabanas, fitness center, dog park, playground,
clubhouse, business center, internet café and coffee bar. The Lakes at Port Richey is located on
approximately 23.75 acres at 8228 Chasco Woods Boulevard less than two miles
east of U.S. Highway 19, which is one of the main north-south thoroughfares in
Central Florida’s Pasco County. The
property is 98 percent leased.
The HFF debt placement
team was led by managing director Elliott
Throne.
“The borrower utilized its
local area expertise to acquire another great asset that will complement their
nearby existing holdings,” stated Throne.
“Freddie Mac provided a very
attractive, low-rate, flexible financing that allowed the borrower to acquire
the asset, complete additional property enhancements, and position the property
well for the next several years.”
During the first quarter
of 2017, HFF closed 197 deals totaling more than $7.4 billion in multi-housing
transactions across the country.
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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