HFF secures $22.5 million financing for William Penn Apartments in Los Angeles, CA

Devon Dykstra

NEWPORT BEACH, CA –– HFF announces it has secured $22.5 million in financing for the William Penn Apartments, a 189-unit, mid-rise apartment building in Los Angeles, California.

HFF worked exclusively on behalf of the borrower, Massie Capital Management, LLC, to place the five-year, floating-rate loan with a debt fund.  Loan proceeds were used to return equity to investors and provide future funding to renovate units.

John Marshall

Originally constructed in 1928, the William Penn Apartments is located at 2208 W. 8^th Street, one block south of MacArthur Park in Los Angeles’ Koreatown neighborhood.  

The property consists of newly remodeled studio floor plans within a seven-story, historic building that offers immediate access to downtown.  

On-site amenities include a newly renovated courtyard with fountain, fire pits and lounge seating; a 24-hour fitness center; resident storage; bike racks; and courtesy patrol service.  The property was 94 percent occupied at closing and is currently undergoing unit renovations.

“Massie Capital focuses on identifying mispriced assets and delivering affordable, well-designed space to its tenants,” said Brian Massie, principal of Massie Capital Management.  

William Penn Apartments, 2208 West. 8^th Street, Los Angeles, CA

“The William Penn’s pioneering submarket and business plan required a unique lending partner.  HFF was able to clear the market quickly and bring a closely held relationship with a lender who understood our vision for the property and provided local, accessible asset management for draw requests.”

The HFF debt placement team representing the borrower was led by director John Marshall and analyst Devon Dykstra.

“Every year market participants note that the bridge loan market is more competitive than ever and 2019 is no different,” Marshall said.  “HFF advised our client to select a lender who could provide certainty of execution and the best terms available in the market.”

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

CONTACTS:

JOHN M. MARSHALL

CA Lic. #02022107

HFF Director

(949) 253-8800

jmmarshall@hfflp.com

OLIVIA N. HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

HFF secures acquisition financing for 112-unit apartment community in North Houston, TX

Cortney Cole

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured acquisition financing for Smart Living at Stuebner Airline, a 112-unit apartment community in North Houston.

HFF worked on behalf of the borrower, TriArc Properties, to secure a five-year, floating-rate acquisition loan with three years of interest-only payments.  

Rhonda J. Sands, Senior Vice President/Commercial Real Estate of Veritex Community Bank, facilitated the loan.  HFF previously assisted TriArc in September of last year with its acquisition of 4 eighty West Parker immediately south of Smart Living at Stuebner Airline.

Rhonda J. Sands

Smart Living at Stuebner Airline is situated along Stuebner Airline Road immediately southwest of the intersection of the North Freeway (Interstate 45) and W. Little York Road, which provides nearby access to Loop 610 and Interstate 10 as well as the Houston CBD.  

The 4.35-acre property was completed in 2015 and totals 81,502 rentable square feet.  Units include a mix of one-bedroom/one-bath and two-bedroom/two-bath floor plans featuring contemporary cabinetry, faux wood flooring, energy efficient windows, walk-in closets, and in-unit washers and dryers.  

Joseph Bramante

Common area amenities include two outdoor seating and barbecue areas as well as an open central courtyard.

“We have been operating in this submarket for the past two years with great success, which is why we decided to expand our presence here with the acquisition of this property,” said Joseph Bramante, CEO of TriArc Properties.  

“It’s rare to have the opportunity to acquire neighboring properties like Smart Living and 4 eighty West Parker.  We are looking forward to taking advantage of all the synergies this will create as well as those that will be created by our award-winning operations team.  

"We plan to give the property a light capex update and will rebrand it to better serve the community.”

The HFF debt placement team representing the borrower was led by managing director Cortney Cole.

CONTACTS:

CORTNEY COLE

HFF Managing Director

(713) 852-3500

ccole@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

JOSEPH BRAMANTE

TriArc Properties CEO

(281) 836-4464

jbramante@triarcproperties.com

HFF arranges $134.6 million in Sharia-compliant equity and debt for six-property, multi-state student housing portfolio

  

University View, a 55-unit property
serving Florida Atlantic University
 in Boca Raton, FL

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the capital stack of a six-property student housing portfolio totaling 911 units with 2,059 beds in Alabama, Florida, Michigan, New York, Pennsylvania and Texas.

Ella Lofts, a 75-unit property serving Texas State University
 in San Marcos, TX

HFF structured the Sharia-compliant joint venture between Vie Management and a Middle Eastern asset manager.  In addition, HFF worked on behalf of the new partnership to secure a $75.385 million, 10-year, 65 percent LTV, interest-only loan.

The properties are:

 University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama;

University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida; 

Claudio Sgobba

Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan;

Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York;

Matthew Schoenfeldt

Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania;

Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas.

Scott Clifton

The HFF equity and debt placement team was led by London-based managing director Claudio Sgobba along with licensed local HFF teams in the respective markets, including managing director Matthew Schoenfeldt, a Michigan licensed real estate broker; director Scott Clifton; and senior global capital and equity placement analyst Hank Huang.

“Vie is the first and only lifestyle brand within student housing,” said Vie CEO Ari Rosenblum. 

“Our objective is to continue to produce technology-rich environments where students can stream and dream, socialize and exercise, all within our best-in-class amenity driven spaces. 

”These acquisitions are new canvases to us; places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.”

Henry (Hank) Huang

“We are extremely excited about our new partnership given it will allow us to create value within a defensible niche,” Rosenblum continued.  “With these new acquisitions, we have taken a big first step towards our collective goal of becoming the premier student housing company in the world.”

“It was a privilege to bring together two world-class investment firms as co-owners of this diverse, multi-state, 90-percent-occupied student housing portfolio,” Sgobba said.  “We look forward to assisting this new partnership in future transactions as they grow their holdings in the student housing sector.”

Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.

Harold (Ari) Rosenblum

Vie Management is a privately owned real estate investment company specializing in the financing, acquisition, development and management of student and multifamily housing in the United States.  

Headquartered in Miami, Florida, Vie has a successful track record of acquiring student and multifamily housing and, through its talented teams, creates a Vie lifestyle of learning, health, social interaction and opportunities for self-improvement for its residents.  

CONTACTS:

CLAUDIO SGOBBA

HFF Managing Director

+44 20 7317 3115

csgobba@hfflp.com

MATTHEW SCHOENFELDT

MI Lic. # 6504405163

HFF Managing Director

(312) 528-3650

mschoenfeldt@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com