Sparks, Nev.—HFF announced the company’s $26.3 million acquisition loan for Marina Village Apartments located in Sparks, Nev. The company worked on behalf of the borrower LandCap Investment Partners LLC and its capital partner Strand Corp.
“This $35 million ‘off-market’ transaction had a short fuse. The HFF team met every challenge with a professional and solutions-oriented approach,” Stephen Hinckley, CEO of LandCap Investment, said in a prepared statement.
Located at 350 Harbour Cove Drive, the 240-unit apartment community features one-, two- and three-bedroom units averaging 948 square feet. Property amenities include a fitness center, business center, clubhouse, swimming pool with spa and 250 parking stalls. The community offers convenient access to area amenities including the 1.2-million-square-foot Outlets at Legends, Victorian Square, The Nugget Casino Resort and Interstate 80.
Director Zack Holderman along with Managing Director Rob Hinckley and Associate Director Chris Collins led HFF’s debt placement team to secure the 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. The property was purchased with loan proceeds.
“The financing of Marina Village Apartments by Freddie Mac is a testament to the quality and experience of the sponsorship group, having significant history in the greater Reno Valley and a clear understanding of the strong fundamentals driving the region,” Holderman said in prepared remarks.
Image courtesy of Yardi Matrix