By Adina Marcut
HFF has secured a $28.3 million loan for Forest Hill Apartments, a 248-unit community in Eugene, Ore. The company placed the 10-year, fixed-rate, interest-only loan with Freddie Mac’s Capital Markets Execution (CME) program on behalf of Horizon Realty Advisors. Director Scott Gilson of HFF’s Seattle office and Associate Charlie Watson of the firm’s Portland, Ore., office, were part of the debt placement team that represented the borrower. The loan was used to refinance the existing debt.
Located at 3950 Goodpasture Loop, in the Valley River Village planned development, the property offers convenient access to Eugene’s central business district, a major shopping center and various dining and entertainment venues.
The 25 two- and three-story buildings offer a mix of studios, as well as one-, two- and three-bedroom units ranging from 466 to 1,293 square feet. The pet-friendly community features the following common area amenities:
- grilling area
- swimming pool
- 24-hour fitness center
- laundry center
- community playground
- free bike rental
- surround-sound theater
- clubhouse with guest reception lounge
- business center
“This deal was very competitively quoted but, ultimately, the client decided to move forward with the Freddie Mac Green Up proposal,” Gilson said in prepared remarks. “We were able to negotiate waivers for the guarantors, insurance escrow, replacement reserve escrow and the non-consolidation opinion. With a combination of the green pricing waiver and excellent timing on an index lock, the client was able to secure a very low interest rate for a 10-year, interest-only loan.”
HFF recently arranged a $33.9 million acquisition loan for Avery Park Apartments, a 320-unit community in Las Vegas.
Images courtesy of Yardi Matrix
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