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| Coral Falls Apartments, 2801 91st Street NW, Coral Springs, FL |
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| Josh Simon |
DENVER, CO–– Holliday
Fenoglio Fowler, L.P. (HFF)announces $22 million in financing for Coral
Falls, a 190-unit, garden-style multi housing community in Coral Springs,
Florida.
The HFF team worked on behalf of CF Partners, Ltd. and Iron River
Management, LLC to secure the seven-year, 4.47 percent, fixed-rate,
interest-only loan through Freddie Mac’s CME Program.
The securitized loan
will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for
Conventional Loans. Loan proceeds are being used to replace a
floating-rate loan the HFF team arranged on the owner’s behalf in 2015.
Coral Falls is located at 2801 NW 91st Street in
Coral Springs providing access to Boca Raton to the north and Fort Lauderdale
and Miami to the south.
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| Elliott Throne |
The 99-percent-leased
asset has a mix of newly renovated one- and two-bedroom floor plans averaging
1,029 square feet each.
Community amenities include a swimming pool with
sundeck, brand new fitness center, picnic areas, tennis court, playground and
car wash station.
The HFF debt placement team representing the borrower included
managing directors Josh Simon and Elliott Throne.
“Our goal with Coral Falls has always been to hold long-term,
maintain our presence in the market, and maximize our cash flow,” said Jonathan
Ringham, President of Southshire, the general partner of CF Partners Ltd.,
and owner of Iron River Management, LLC.
“The HFF team has
always understood this and provided the necessary guidance to achieving our
long-term goals. The placement of this debt allows us to continue our
history of success with this property.”
For more information, please contact:
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
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