HFF Arranges $400M Refi for 2,600 Units

Holliday Fenoglio Fowler lands a $400 million portfolio refinancing; a Pradeium, Brooktree partnership acquires an 81-unit asset; and Walker & Dunlop funds an $11.8 million refinance loan under Freddie Mac’s CME execution.

Washington, D.C., & Hoboken, N.J.—Holliday Fenoglio Fowler LP has arranged a $400 million refinancing for a five-property, 2,600-unit portfolio located in Washington, D.C., and Hoboken, N.J. The refinancing was put in place on behalf of Brookfield Real Estate Financial Partners. The floating-rate loan was secured through M&T (FNMA).

Overall the properties average 98 percent occupancy. HFF senior managing directors Bob Donhauser and Bill Asbill represented Brookfield Real Estate Financial Partners in the transaction.

Praedium, Brooktree acquire newly constructed L.A. asset

The Verandas

Los Angeles—A partnership consisting of The Praedium Group and Brooktree Realty Investors has acquired The Verandas, a newly construced 81-unit community located in the Canoga Park neighborhood of Los Angeles. The purchase price was $21.5 million.

“The Southern California economy is starting to experience a business expansion and improving consumer sentiment,” says Andy Sands, a principal at Brooktree Realty Investors. “This bodes well for apartment demand, particularly considering the limited pipeline of new rental units and wide cost advantage of renting an apartment versus owning a single-family home in this sub market.”

The Verandas, which was originally envisioned as a condominium, will be operated as a rental property. The two- and three-bedroom apartments average 1,241 square feet in size. Amenities include a pool with adjoining spa, a fitness center, recreation facility and 192 parking spaces in a ground floor secured garage.

Walker & Dunlop funds $11.7M refi under Freddie Mac’s CME

Longmont, Colo.—Walker & Dunlop LLC announced today it recently provided $11.8 million in financing for Grandview Meadows, a garden-style residential apartment community located in Longmont, Colo.

The refinance loan was structured with a 10-year term with three-years interest only and a 30-year amortization under Freddie Mac’s Capital Markets Execution Program (CME). The loan was underwritten to a 75 percent loan-to-value.

This property is Phase 1 of a four-phase 388-unit apartment project. Phase 1, Phase 2, and Phase 3 were completed in 2000, 2002, and 2004, respectively; the fourth and final phase is under construction. Walker & Dunlop worked with Freddie Mac to underwrite this phase of the project as a stand-alone property, thus meeting the financing objective of the borrower, M. Timm Development, Inc.

Phase 1 of Grandview Meadows contains 144 units and is situated on over eight acres. The multifamily property offers four different floor plans in one- and two-bedroom models. Property amenities include a clubhouse, fitness center, paved fitness trail, swimming pool and spa, picnic area with gazebo, and a playground. Grandview Meadows was 96 percent leased at closing.