HFF Secures $15M for Community in Spokane
- Oct 27, 2011
Spokane, Wash.—Holliday Fenoglio Fowler LP has secured $15 million in financing for Pine Valley Ranch, a 256-unit, recently completed community in Spokane, Washington. HFF worked on behalf of Wolff Company, placing the 15-year, fixed-rate loan with a major institutional client represented AEGON USA Realty Advisors LLC. Proceeds paid off the construction loan and recapitalized a portion of the borrower’s equity.
“Through our correspondent lender relationships, we were able to secure an attractive forward fixed-rate loan approximately six months prior to completion and final certificate of occupancy for a partially constructed asset in a secondary market,” says David Bleiweiss, managing director at HFF.”
Pine Valley Ranch was completed in 2011. The community consists of 11 buildings containing one-, two- and three-bedroom units that average 990 square feet in size. Community amenities include an outdoor pool, clubhouse with full kitchen, fitness center and theater room.
Walker & Dunclop closes $50.52M Freddie Mac CME loan
Altamonte Springs, Fla.–Walker & Dunlop, LLC provided $50.5 million in financing for Timberlake & The Glades Apartments, a garden-style residential apartment community located in Altamonte Springs, Fla.
The acquisition loan was structured with a seven-year term with two-year interest-only and a 30-year amortization under Freddie Mac’s Capital Markets Execution Program (CME). The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio.
Timberlake & The Glades Apartments is a combined 876-unit apartment community built in 1986 that received over $10 million in substantial upgrades and renovations from 2008 to 2010.
The multifamily complex offers floor plans featuring faux granite countertops, ceiling fans and full size washer/dryer units with options including fireplaces, patios/balconies and glass solariums available in many units. Property amenities include a state-of-the-art resident activity center with flat screen TVs, four swimming pools, two fitness centers, seven lighted tennis courts, five air-conditioned racquetball courts, picnic and BBQ areas, a car wash facility, and billiards room. Timberlake & The Glades also features a lake on the property, providing many units with lake views.
Vice President Will Baker led the Walker & Dunlop team.
Red Mortgage Capital completes $19.9M financing for three seniors communities
Bryan, Sandusky & Bucyrus, Ohio—Red Mortgage Capital LLC has provided $19.9 million in permanent financing for three assisted living senior communities in north-central Ohio. The firm utilized FHA Section 232/223(f) mortgage insurances and Ginnie Mae Mortgage Backed Securities to pay off interim financing that related company Red Capital Partners LLC has provided for the acquisition of the three properties by Premier Senior Living LLC.
The loans were funded for The Inn at Fountain Park in Bryan, Ohio; The Inn at Westbrook in Upper Sandusky, Ohio; and The Inn at Orchard Park in Bucyrus, Ohio. The 35-year fully amortizing loans are non-recourse. Though the owner originally sought permanent acquisition financing, when it became apparent that such financing was not available in the required timeframe, Red Capital Partners stepped in to bridge the timing gap with an interim bridge loan.
“As a non-bank financial institutions, we can move quickly on bridge-to-permanent solutions to help clients secure opportunities like this, where we bridge the timing difference until the permanent capital structure can be delivered,” says Christian Mauger, senior managing director of Red Capital Partners LLC.