BRE Properties Completes $120.5M Acquisition
- Oct 01, 2013
Los Angeles—BRE Properties is the new owner of Jefferson at Hollywood, a 270-unit community in the Hollywood sub-market of Los Angeles. The 2010-built Class A community is located across from the Metro Red Line’s Highland subway station and a half mile from the Hollywood Freeway.
“This transaction is a component of our strategy to improve the company’s portfolio by disposing of non-core communities and recycling capital into our high-barrier, infill development pipeline as well as select acquisitions such as Jefferson at Hollywood,” says Constance Moore, president and CEO of BRE Properties.
Jefferson at Hollywood was acquired on an unencumbered basis with proceeds from BRE’s revolving credit facility. The firm plans to dispose of several slower growth, non-core communities through a reverse like-kind exchange that is expected to be completed by the first quarter of 2014.
StonebridgeCarras lands $121.6M in construction financing
Bethesda, Md.—The densification of D.C.’s hot Bethesda suburb continues now that StonebridgeCarras has landed $121.6 million in construction financing for a 359-unit luxury project. The mixed-use use asset is located at 8300 Wisconsin and will include a Harris Teeter grocery store. Financing was arranged by HFF through Wells Fargo Bank. Construction of the nine-story building is scheduled to be completed in 2015.
8300 Wisconsin will occupy the entire block. Amenities include a landscaped courtyard, rooftop swimming pool, rooftop demonstration kitchen, a clubroom, fitness center, business center and 24-hour concierge service. The HFF debt placement team was led by Sue Carras, Walter Coker and Brian Crivella.
HFF secures $52M financing for manufactured home community
Alexandria, Va.—HFF announced that it has arranged $52 million in financing for Audubon Estates, a 701-home site manufactured home community in Alexandria, Va.
HFF worked on behalf of the borrower, Hometown America, to secure the 10-year, fixed-rate loan through a correspondent life insurance company lender. HFF will also service the loan.
Audubon Estates is situated on an 83.73-acre site at 7930 Audubon Avenue, just off Highway 1 and approximately 12 miles south of Washington, D.C. The all-ages community is 99.9 percent occupied with amenities including 11 playgrounds, various sport courts, laundry facilities, picnic areas and on-site RV and boat storage.
The HFF team representing the borrower was led by director Zach Koucos.
“We have seen tremendous competition this year amongst our life insurance company correspondents for great manufactured housing assets such as Audubon Estates,” Koucos says.
“We were pleased with how competitive the quotes were that we received through HFF’s efforts. This is a clear indication that lenders are bullish on high-quality manufactured housing communities located in desirable markets. It was also great to find partners through our relationship with HFF that appreciated the long-term stability of the cash flow generated by the community,” says Doug Minahan, vice president of Hometown America.