TODAY’S DEALS: HFF Secures $18.25M Refi Loan for 408-Unit Property, and Other Transactions
- May 15, 2009
By Anuradha Kher, Online News EditorCasselberry, Fla.–HFF (Holliday Fenoglio Fowler L.P.) has secured an $18.25 million refinancing for Harbor at Lake Howell (pictured), a 408-unit multifamily community in Casselberry, Fla.Working on behalf of LaSalle Investment Management, HFF placed the seven-year adjustable-rate loan with Freddie Mac (Federal Home Loan Mortgage Corp.). Harbor at Lake Howell is situated on a 34-acre site at 1280 Vinings Lane in Casselberry, approximately seven miles north of Orlando. The 90 percent leased property has one-, two- and three-bedroom units averaging 1,065 sq. ft. Community amenities include two swimming pools, a tennis court, a fitness center, a volleyball court and a business center as well as access to a boat ramp and beach on Lake Howell. Great Lakes Financial Group Completes $4.2M Freddie Mac LoanDublin, Ohio–Great Lakes Financial Group (GLFG) recently completed a $4,200,000 Freddie Mac loan for Scioto Commons, a 136-unit residential apartment project consisting of 31 two-story apartment buildings, three one-story garage buildings and two office/management buildings located in Dublin, Ohio 10 miles northwest of the Columbus Business District. Built in 1981 with a 93 percent occupancy rate at close, Scioto Commons has a unit mix including 136 two-bedroom, 1.5 bathroom townhouse units each containing 908 square feet situated on 10.706 acres. “After considering all options and allowing for Freddie Mac’s flexible payment program, we felt a 10-year capped ARM mortgage with a 30-year amortization would accomplish the client’s goal of positioning the property for sale within a few years,” says Liora Reznichenko, director of Commercial Lending.