HFF Lines Up $48M Acquisition Loan through Freddie Mac
Working on behalf of Abacus Capital Group, HFF arranged financing for the acquisition of The Burlington apartment community in St. Paul, Minn.
By Adriana Pop, Associate Editor
St. Paul, Minn.–HFF has secured $48.2 million in acquisition financing on behalf of affiliates of Abacus Capital Group LLC for The Burlington, a 427-unit apartment community in St. Paul, Minn.
The Burlington in St. Paul, Minn.
The 98 percent-leased property is located at 1180 Cushing Circle, approximately 6.5 miles northwest of downtown St. Paul. The Burlington is also south of Lake Como and the Como Park Zoo and accessible to Route 51 and Interstates 94 and 35.
The property features a mix of studio, one- and two-bedroom units ranging from 454 to 1,361 square feet. Amenities include a swimming pool, spa, grilling area, tennis court, fitness center, clubhouse with coffee bar and access to nearby walking and biking trails.
Working on behalf of a fund advised by Abacus, HFF placed the floating-rate loan via revolving credit facility with Freddie Mac’s CME Program. The loan will be serviced by HFF through the Freddie Mac Program Plus Seller/Servicer.
HFF Senior Managing Director Mona Carlton led the debt placement team representing the borrower.
Image courtesy of The Burlington Apartments via Facebook
