HFF closes sale of and arranges financing for two Washington, D.C. multi-housing communities

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged acquisition financing for 5100 Connecticut Avenue Northwest and 2620 16th Street Northwest, multi-housing communities totaling 92 units in Washington, D.C.

Directors Alan Davis (top right photo) and Dave Nachison  (middle left photo) led the HFF investment sales team on behalf of a court appointed receiver. Gelman Management Company purchased 5100 Connecticut Avenue Northwest and 2620 16th Street Northwest for a combined $8.35 million.

Gelman Management Company retained HFF director Dan McIntyre to secure $5.804 million of acquisition financing through Fannie Mae’s DUS Loan Program on their behalf.

5100 Connecticut Avenue Northwest was built in 1962 and is located along Connecticut Avenue in the Friendship Heights/Chevy Chase area of northwest Washington, D.C. The property has 42 studio and one-bedroom units averaging 350 square feet each as well as a 680-square-foot commercial suite occupied by a dentist. On-site amenities include community laundry and 14 parking spaces.

2620 16th Street Northwest was built in 1965 and is situated in the North Dupont/Adams Morgan area of northwest Washington, D.C. The nine-story property has 49 studio and one-bedroom units averaging 375 square feet each, on-site laundry and 16 parking spaces.

“Both of these properties are located in well established neighborhoods of Washington, D.C. that continue to see strong multi-housing demand, low vacancy levels and tremendous fundamentals,” said Davis.

“Opportunities to purchase high-quality, vintage high-rise buildings like these do not present themselves in D.C. very often and with maximum rent increases in rent-controlled buildings capped at 6.8% this year, investors are seizing the opportunities and demand is very strong,” added Nachison.

Contacts:

Alan M. Davis, HFF Director, (202) 533-2508, adavis@hfflp.com
David R. Nachison, HFF Director (202) 533-2536, dnachison@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $36.5M financing for 1300 Connecticut Avenue in Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged $36.5 million in financing for 1300 Connecticut Avenue, (above centered photo) a 125,885-square-foot, Class A office building in Washington, D.C.

HFF directors Cary Abod (top right photo) in Washington, D.C. and Brian Carlton (bottom left photo) in Dallas worked exclusively on behalf of Dividend Capital Total Realty Trust Inc. to secure the seven-year, fixed-rate loan with a national life insurance company.

Loan proceeds were used to acquire the property, which had a purchase price of $63.6 million.

“Even in the midst of one of the most turbulent capital markets environments seen in decades, HFF was able to close this transaction within seven weeks at a favorable fixed-rate, a true testament to the quality of the sponsorship as well as the quality of the property itself,” said Abod.

1300 Connecticut Avenue, which was renovated in 1994, is 98% leased to 12 tenants including IAM National Pension Fund, VISA USA and PFC Energy.

The property is located at the corner of Connecticut Avenue and N Street, one block from Dupont Circle in the central business district of Washington, D.C.

“The property’s diverse secure tenant mix, easy metro access and uniquely prominent architecture place it among the top-tier of real estate assets in Washington, D.C.,” added Abod.

Dividend Capital Total Realty Trust Inc., a Denver-based REIT, invests in a diversified portfolio of commercial real estate assets. As of December 31, 2008, the company owned 73 properties in 24 geographic markets totaling approximately 12 million square feet.

CONTACTS:

Cary P. Abod, HFF Director, (202) 533-2500, cabod@hfflp.com

Kristen M. Murphy, HFF Associate DirectorMarketing, (713) 852-3500, krmurphy@hfflp.com

HFF named by American Senior Housing, LC to market for sale luxury independent living facility in suburban DC

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has been named by American Senior Housing, LC to market for sale Sugarland Hill, (top right photo) an 80-unit luxury independent living facility in Herndon, Virginia.

The HFF investment sales team will be led by directors Dave Nachison (top left photo) and Alan Davis.(bottom right photo)

The property is listed for sale without an asking price. American Senior Housing is a Fairfax, Virginia-based professional developer and operator of senior facilities.

“The property has excellent assumable long-term, non-recourse HUD financing with terms that are unavailable in the current environment, providing prospective investors with above market loan proceeds and a below market interest rate,” said Nachison.

Sugarland Hill is situated on a 4.5-acre site at 1100 Dranesville Road in the Herndon area of northern Virginia.

Completed in 2006, the four-story building has one- and two-bedroom units averaging 986 square feet each.

Community amenities include a business center, party lounge with flat screen television, outdoor patio with gas grill, billiards lounge, game room, indoor therapy pool, woodworking shop, arts & crafts room, fitness center, library and putting green. Social activities, nightly catered evening meals and chauffeured transportation are also available to residents.

“Sugarland Hill offers investors outstanding potential for strong equity returns through consistent cash flow and long-term residual value,” added Davis.

CONTACTS:

David R. Nachison, HFF Director, (202) 533-2500, dnachison@hfflp.com

Alan M. Davis, HFF Director, 202) 533-2500, adavis@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com