TODAY’S DEALS: HFF Secures $46M Debt, Equity Financing for New Luxury Multifamily Community, and Other Transactions
- Jan 22, 2009
By Anuradha Kher, Online News EditorAtlanta–HFF (Holliday Fenoglio Fowler L.P.) has arranged a $46 million debt and equity for the development of Glenwood Avenue Apartments, a 325-unit, five-story luxury multifamily community in Atlanta.Working on behalf of Capital Thirty-Three, HFF placed a $34.39 million construction loan with Regions Bank as well as joint venture equity with institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.Construction on the five-acre site, which will have 297,600 sq.-ft. of rentable space, is expected to commence in summer 2009 with an anticipated completion date of winter 2010. The units will be certified by the Leadership in Energy and Environmental Design (LEED), one of the first apartment communities in Georgia to receive this distinction. Apartments will range in size from 650-sq.-ft. one-bedroom units to 906-sq.-ft. two-bedroom units and will include amenities such as high-end countertops, kitchens with stainless steel appliances, nine-foot ceilings, Jacuzzi bathtubs, patios and balconies. Green features include energy-saving windows and appliances, low-water consumption plumbing and an eco-friendly roofing system.NorthMarq Capital Arranges $30M Mortgage for Gateway Club Apartments Boynton Beach, Fla.–NorthMarq Capital recently arranged first mortgage financing of $30 million for Gateway Club Apartments, a 319-unit multifamily property, located in Boynton Beach, Fla.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/server relationship with Freddie Mac.Hendricks & Partners Arranges Sale of 294-Unit Community for $9MSaline, Mich.–Hendricks & Partners has arranged the sale of Riveroaks, located at 801 Valley Circle Drive in Saline, Mich., for $9 million.The buyer, Riveroaks Apartment Holdings LLC is planning an extensive value-added improvement program for the 294-unit apartment community. Upon closing, they signed a new short-term management contract with Buckingham Management, which has allowed the buyers additional time to prepare for the renovations and construction program. The improvement program is expected to begin in February 2009.