DEAL OF THE DAY: HFF Arranges $29.5M Construction Loan, $9.5M JV Equity for 300-Unit Class A Community
- Jun 30, 2008
By Anuradha Kher, Online News EditorSparks, Nev.–The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) recently arranged a $29.5 million construction loan and $9.5 million joint venture equity for the development of Pioneer Meadows, a 300-unit Class A multifamily development to be built in Sparks, Nev. HFF Director Mark Erland worked on behalf of Fore Property Co. to arrange the three-year construction loan. The joint venture equity was provided as the third venture through an existing institutional partner arranged by HFF.Pioneer Meadows, expected to be complete by September 2009, will feature 19 buildings with one-, two- and three-bedroom units and lofts, all averaging 949 sq. ft. The project will provide garages as well as covered and surface spaces for parking.Community amenities include a state-of-the-art clubhouse, pool facility and fitness center. The project is located on a 20-acre site in the master planned community of Pioneer Meadows, which features the award-winning Red Hawk golf course and a new community retail center.“Pioneer Meadows will be the market leader in quality for Class A apartments in the Sparks area with superb amenities, highly finished units and a top management team,” says Erland.