TODAY’S DEALS: HFF Arranges Debt, Equity Totaling $46.5M for Mixed-Use Development, and other Transactions
- Aug 29, 2008
By Anuradha Kher, Online News EditorEncinitas, Calif.–HFF (Holliday Fenoglio Fowler LP) recently arranged a $36.5-million construction loan and $10 million in joint venture equity for the development of Pacific Station, a mixed-use project in Encinitas, Calif.HFF placed the 60-month construction permanent loan with La Jolla Bank and secured the joint venture equity with Fidelity Real Estate Group. Upon completion in the fourth quarter 2009, Pacific Station will have 38,500 sq. ft. of retail, including Whole Foods and a signature restaurant, 10,000 sq. ft. of office space, 47 residential units and a two-level underground parking garage. Ardizzone Enterprises Enters Apartment Market With Acquisition of 1,885 UnitsIndianapolis–With its first acquisition consisting of 1,885 units, Ardizzone Enterprises has now entered into the apartment market. The Apartment Investment and Management Company (AIMCO) previously owned the five Indianapolis apartment communities that make up the portfolio. The purchase price was not disclosed.The properties are located throughout Indianapolis and include the 616-unit Bent Tree, 404-unit Brookwood, 187-unit Cheswick Village, 582-unit Reflections and 96-unit Winchester Village. Until this purchase, Indianapolis-based Ardizzone Enterprises focused primarily on the construction, renovation and repair of apartment buildings. Ardizzone initially gained interest in purchasing the AIMCO portfolio while performing millions of dollars worth of renovations on the properties ($3.7 million on Bent Tree) and $1.5 million on Reflections). Los Angeles Koreatown Rental Property Bought for a MillionLos Angeles-Charles Dunn Co. recently negotiated the $1 million purchase of a 6,960-sq.-ft. apartment building located in at 126 S. Manhattan Place in Los Angeles’ Koreatown submarket.Bryan Glenn of Charles Dunn, who represented the seller, The Milford Burton Trust, points to a steady Koreatown apartment market in helping facilitate the transaction. “Despite the problems in the capital markets, Koreatown and the mid-Wilshire area remain attractive areas to invest in apartment buildings, as occupancy remains strong and rents show continued growth,” Glenn says, noting he had obtained multiple offers on the property.