HFF arranges 7-Year Freddie Mac Acquisition Loan
- May 06, 2010
Des Moines, Iowa– The Dallas office of HFF (Holliday Fenoglio Fowler LP) has arranged financing for Meadow Chase Apartments, an 86-unit multi-housing complex in West Des Moines, Iowa.
Working exclusively on behalf of an affiliate of Abacus Capital Group LLC, HFF senior managing director Mona Carlton placed the seven-year, fixed-rate loan with Freddie Mac. Loan proceeds are being used to acquire the property. HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.
Meadow Chase Apartments is located at 5234 Boulder Drive in West Des Moines close to Interstates 35 and 80 in West Des Moines. The 97 percent leased property has 13 two-story buildings with two-bedroom units averaging 935 square feet each. Community amenities include a leasing office, a picnic area and 62 parking garages.
“Meadow Chase Apartments has an outstanding location within close proximity of a handful of new corporate headquarters that are either under construction or soon to be delivered. The facilities include Wells Fargo Home Mortgage’s new 926,000-square-foot campus, Aviva USA’s corporate headquarters and a $500 million server farm facility that Microsoft is building,” said Carlton.
The executive team of Abacus Capital Group has more than 60 years of combined experience in the multifamily housing industry and has acquired more than $2.5 billion of real estate assets including 23,000 apartment units.