TODAY’S DEALS: HFF Completes $18.5M Loan for 383-Unit Rental Community, and Other Transactions
- Apr 24, 2009
By Anuradha Kher, Online News EditorTampa, Fla.–HFF (Holliday Fenoglio Fowler, L.P.) recently placed an $18.5 million loan with Freddie Mac for Mallory Square Apartments (pictured), a 383-unit multifamily community in Tampa, Fla. HFF placed the seven-year, adjustable-rate loan–which will also be serviced by HFF–with the lender. Loan proceeds are refinancing a construction loan. “Freddie Mac ultimately provided the maximum loan available in the market for a non-recourse financing. The day-one interest rate was in the low 4 percent range with a built-in cap that is not significantly higher than where fixed-rate loans are priced today,” HFF Director Elliott Throne says. “The lender was attracted to the deal due to the quality of the asset and the strength of the sponsorship.”Completed in 2006, Mallory Square Apartments is located at 11306 Mallory Square Dr., approximately 10 miles from both Tampa’s central business district and Crystal and Clearwater Beaches. Walker & Dunlop Closes Three Refi Loans Totaling $12,729,000 Delaware County, Pa.–Walker & Dunlop provided three refinance loans totaling $12,729,000 for Springfield Green, Glenmore Place and Drexelview, garden-style apartment communities located in Delaware County, Pa. The loans were structured with a 10-year term with 9.5-years yield maintenance and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. The lender exercised the DUS ERL execution in order to take advantage of low interest rates. The properties are Class B, garden-style apartment communities. Built between 1963 and 1965, they all consist of brick exteriors with wood trim and a mix of flat and pitched asphalt shingle roofs. The portfolio features a total of 257 units, which are a mix of one-, two- and three-bedroom units. The properties averaged 98 percent occupancy at closing.