TODAY’S DEALS: HFF Arranges $24.1M Financing for 283-Unit Rental Community, and Other Transactions

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By Anuradha Kher, Online News EditorSilver Spring, Md.–HFF (Holliday Fenoglio Fowler, L.P.) has arranged $24.1 million in financing for Rollingwood Apartments, a 283-unit multifamily community in Silver Spring, Md.HFF worked on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, 5.72 percent fixed-rate loan with Wachovia Multifamily Capital Inc. Rollingwood Apartments is […]

By Anuradha Kher, Online News EditorSilver Spring, Md.–HFF (Holliday Fenoglio Fowler, L.P.) has arranged $24.1 million in financing for Rollingwood Apartments, a 283-unit multifamily community in Silver Spring, Md.HFF worked on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, 5.72 percent fixed-rate loan with Wachovia Multifamily Capital Inc. Rollingwood Apartments is located at 2535 Ross Rd. approximately seven miles northwest of downtown Washington, D.C. The property has one-, two- and three-bedroom apartment and townhome units averaging 859 square feet each. Alliant Arranges $3.2M Refi Loan for 64-Unit Townhouse CommunityColorado Springs, Colo.–Alliant Capital has arranged a $3.2 million refinance of Carefree Village, a 64-unit townhouse community in Colorado Springs, Colo. Alliant Capital originated the deal with a 10-year term and a 30-year amortization.   “This transaction posed several challenges to the origination team, but their commitment to deliver persevered,” says Dana Mayo, vice president of acquisitions, Alliant Capital. “Potential delays due to insurance issues and military employment percentages in the region could have resulted in a higher rate for the client. Our team worked directly with multiple outside parties quickly and efficiently to update necessary reports, allowing us to close in a timely manner and take advantage of the good rate environment.”  During the survey process, it was revealed the property was a legal non-conforming use, requiring either a new zoning permit or Ordinance and Law insurance coverage. In an effort to ease the borrower’s concerns regarding these potential costs, Alliant Capital worked diligently with the borrower and his insurance agent to reevaluate all aspects of the property’s coverage.  In the process, it was determined the property was over-insured in several areas and with the appropriate changes in place an overall decrease in premiums was realized.  Carefree Village is a highly desirable townhouse property featuring three-bedroom, one and three-quarter bathrooms and attached garages.

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