HFF Arranges $22.35M in Financing for North Texas Multifamily Community
- Mar 15, 2011
Frisco, Texas—Holliday Fenoglio Fowler has arranged $22.35 million in financing for La Valencia at Starwood, a 270-unit Class AA green community in Frisco, Texas. The seven-year fixed-rate loan was placed with New York Life Insurance Company, and will place permanent financing on the asset.
Completed in 2009, La Valencia at Starwood is located at 6805 Lebanon Road within the Starwood master-planned development of Frisco. The property was awarded “Green Multifamily Project of the Year’ from the National Association of Home Builders. The community is 95 percent leased and includes one-, two- and three-bedroom units ranging from 744 to 1,450 square feet. Amenities include a business center, pool, fitness center and gated entry.
Managing Director Kevin MacKenzie led the HFF team that represented the borrower.
Federal Capital Partners picks up two communities in Maryland for $50.5M
Frederick, Md.—Federal Capital Partners has bought the Brookside and Overlook Manor apartment communities in Frederick, Md., for $50.5 million. The properties are comprised of a total of 772 apartments in three- and four-story garden-style buildings.
“The Brookside and Overlook Manor acquisitions expand FCP’s presence in the Frederick market, a market with stable employment centers and opportunity for continued growth,” says Alex Marshall, FCP managing partner.
Both communities are close to I-70 and I-270, with retail destinations in walking distance on Route 40. FCP is planning to renovate the common areas and amenities.
Street funds $31.4M Fannie Mae loan originated by Meridian Capital
State College, Pa.–Beech Street Capital LLC provided a $31.4 million Fannie Mae DUS loan to refinance Toftrees Apartments in State College, Pa.
The transaction was originated by Meridian Capital Group LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. Berger Rental Communities owns the properties.
The fixed-rate loan for each property has a term of 10 years with 9.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.
Toftrees Apartments consists of six garden-style properties built between 1970 and 1984, totaling 541 units. Although managed as a single apartment complex, five of the six properties are located on contiguous parcels, while the sixth property is located approximately three-quarters of a mile away, separated by a single-family neighborhood and a golf course.
Just minutes from the campus of Pennsylvania State University and downtown State College, Toftrees attracts families and long-term renters. Amenities include 24-hour emergency maintenance and several walking trails.
“I had such a great experience with the whole Beech Street team, that I plan to turn to them in the future for my financing needs,” says Berger founder Steve Berger.
Berger Rental Communities specializes in the ownership and management of multifamily real estate in the Pennsylvania area and is actively seeking acquisitions in Pennsylvania and surrounding states. The company presently owns over 2,000 apartment units and has successfully developed several other real estate projects.