TODAY’S DEALS: Heitman Affiliate Buys a Class A Asset in Oregon
HFF closes a sale and $40 million loan for a Heitman affiliate in Oregon; UC Funds structures a $7.4 million bridge loan for an apartment community in Corpus Christi; and HFF secures $9.85 million for apartment building in downtown Indianapolis.
Hillsboro, Ore.—An affiliate of Heitman has acquired Rock Creek Landing for an undisclosed price. HFF closed the sale and arranged financing for the 480-unit asset, which is located at 3009 NW Overlook Drive, about 12 miles northwest of downtown Portland in Hillsboro, Ore. The new buyer secured a $40 million, seven-year loan through a correspondent life company.
Amenities at the 95 percent leased community include a saltwater swilling pool, hot tub, a barbecue area, clubhouse and a business center. The HFF investment sales team was led by director Ira Virden, senior managing director and co-head of multi-housing investment sales, Sean Deasy, and senior real estate analyst Kerry Hughes.
UC Funds structures $7.4M bridge loan in Corpus Christi
Corpus Christi, Texas—UC Funds has funded a $7.4 million acquisition bridge loan on a 218-unit, Class C apartment community located in Corpus Christi, Texas. The asset is comprised of 22, two-story buildings situated on a 10-acre site.
Amenities include a swimming pool, clubhouse, laundry facilities and a picnic area. In-unit amenities include walk-in closets, private patios and balconies and bay windows for select units. Some proceeds from the loan will be used to upgrade the roofs, exterior siding and the amenities at the property.
“We had a unique opportunity to provide a fast, reliable capital solution to an entrepreneurial sponsor in a new submarket of Corpus Christi,” says Dan Palmier, president & CEO of UC Funds.
HFF secures $9.85M for apartment building in downtown Indianapolis
HFF worked exclusively on behalf of the borrower, TWG Development L.L.C., to secure the fixed-rate loan through JP Morgan Securities. Loan proceeds will retire an existing construction loan.
Originally constructed in 1913, 333 Penn is an historic art deco building that formerly consisted of office space serving many of the city’s architects and builders. The conversion to residential units and ground floor office space was completed in late 2013 and both portions of the property were fully leased within six months of completion. Community amenities include a 24-hour fitness center, community room, laundry facilities and garage parking. The property is adjacent to University Park and is also near Massachusetts Avenue, Monument Circle, Circle Center Mall, Banker’s Life Fieldhouse and Lucas Oil Stadium.
The HFF debt placement team representing the borrower was led by director Ken Martin.
According to HFF, the redevelopment of 333 Penn from a dilapidated, vacant office building into Class A residential units has been a great success for TWG as it continues to grow its market rate multi-housing portfolio.
TWG Development, LLC is a real estate development company specializing in commercial, market rate, affordable and senior housing developments. TWG was formed in 2007 to develop, own and manage housing communities. Through its related entities – TWG Construction L.L.C. and TWG Management L.L.C., TWG is able to see a development through from concept to lease-up and stabilization.