HFF Brokers Disposition, Closes Loan Sales
- Jan 05, 2012
Chicago—Holliday Fenoglio Fowler LP has closed the sale of a 204-unit asset in Chicago. The firm’s investment sales team marketed The Gates of Deer Grove, a recently renovated community in the Chicago suburb of Palatine, on behalf of Laramar Group. The asset was picked up by Home Properties free and clear of existing debt.
The community was 94 percent occupied at the time of sale. Amenities include a clubhouse with movie theater, a fitness center, game room, business center, swimming pool, and dog park.
HFF also announced that it has closed the sale of two nonperforming loans secured by Boardwalk at Brittain Landing and Boardwalk at Dewberry Landing, student housing communities located the University of Alabama and The University of Southern Mississippi, respectively. The combined principal balance was approximately $33.4 million at the time of closing.
Both properties were completed in 2008 and feature 150 four-bedroom/four-bath units with 600 beds. Brittain is 89 percent leased and Dewberry is 91 percent leased. Amenities at each property include a swimming pool, tanning capsule, steam room, dry heat sauna and clubhouse with game room.
Tryko acquires 163-unit community in Pennsylvania
Harrisburg, Pa.—Tryko Partners LLC has added Harrisburg Park, a 163-unit community in Harrisburg, Pa., to its portfolio. The asset was bought from The Altman Group in late December. Marcus & Millichap represented the seller.
“We recognized a great value-add opportunity in Harrisburg Park,” says Uri Kahanow, director of acquisitions at Tryko. “Our immediate plans will focus on improving operational efficiencies and fostering tenant retention.”
Harrisburg Park is comprised almost entirely of project-based affordable housing units, with one-, two- and three-bedroom apartments.
Boston Capital Finance closes two Arkansas construction loans
Booneville & Barling, Ark.—Boston Capital Finance has closed two 24-month construction loans for Arkansas developments that total 90 units. The properties are located in Booneville and Barling.
“Through Boston Capital’s construction loans, we are able to invest in high-quality, multifamily housing in Booneville and Barling, two areas in need of affordable housing designed for families,” says Kevin Costello, executive vice president and director of institutional lending at Boston Capital.
Garden Walk of Booneville is comprised of four buildings featuring eight one-bedroom, 24 two-bedroom and 17-three bedroom units. The loan will fund renovations to the property.
Construction funds for Garden Walk of Barling will facilitate the rehabilitation of an existing 48-unit development that upon completion will contain 41 units for families.
Both properties offer units to families earning 60 percent or less of the area median income.