DEAL OF THE DAY: HFF Lends a Helping Hand in Charlotte

By Adriana Pop, Associate Editor

Charlotte, N.C.—HFF worked on behalf of Heritage Capital Group LLC to secure $24.8 million in financing for the acquisition of Andover Woods, a 392-unit, Class A apartment community in Charlotte, N.C.

Andover Woods in Charlotte

HFF arranged the 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corp.

Andover Woods is located at 7808 Andover Woods Drive near Interstates 485 and 77, approximately 10 miles south of the city’s downtown area. The 44-acre community was built in phases between 1986 and 1995 and was 93 percent occupied at closing. Amenities include a resort-style swimming pool, fitness center, playground, elegant clubhouse, picnic areas, courtesy night patrol, 24-hour maintenance, and on-site management.

Jon Mikula and Travis Anderson, senior managing directors, led the HFF debt placement team.

“This acquisition was an important transaction for Heritage as they continue to grow their North Carolina multi-housing portfolio. Lender interest for this loan was high, but M&T/Fannie Mae was quick to get their hands around the deal and provide certainty of execution,” Mikula said.

Founded by Jeffrey Greenberg and Steven Greenberg, principals of Heritage Management Co., Heritage Capital Group focuses on the acquisition of select office, flex, industrial and multifamily properties in the Mid-Atlantic region and nationwide.

Photo credits: http://www.andoverwoodsapts.com