TODAY’S DEALS: HFF Secures $8M Refi for 276-Unit Rental Community, and Other Transactions
- Apr 09, 2009
By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) has arranged an $8 million refinancing for Corey Place Apartments, a 276-unit multifamily community in Dallas/Fort Worth, Texas.Working on behalf of Granite Redevelopment LLC, HFF placed the 10-year, 5.76 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. through Fannie Mae’s DUS Program. Loan proceeds are refinancing an existing acquisition rehab loan. Corey Place Apartments is located at 602 West Pioneer Parkway approximately 12 miles west of downtown Dallas via Interstate 30 in Grand Prairie. The property was renovated in 2008 and is currently 95 percent occupied. Hendricks & Partners Arranges Sale of 35-Unit Property for $4MSan Diego–Hendricks & Partners has arranged the sale of Point Loma Manor, a 35-unit apartment community, for $4 million. It is located at 2777 Nimitz Blvd. in San Diego. The sale of the property was financed through the assumption of an existing $2.7 million loan in favor of Lasalle Bank National Association, as Trustee for the registered holders of Countrywide Commercial Mortgage Trust 2007 MF-1 with the buyer placing the balance of the purchase in cash.The property was built in approximately 1961 and features 34 one-bedroom units ranging from 530 sq. ft. to 620 sq. ft. and one three-bedroom unit of approximately 1,500 sq. ft. In addition, the property amenities include a swimming pool and on-site laundry facilitiesNimitz Equity LP sold the property to Enza C LLC.