TODAY’S DEALS: HFF Arranges $25M in Financing for Two Communities Totaling 357 Units, and Other Transactions

By Anuradha Kher, Online News EditorLongwood, Fla.–The Chicago and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged nearly $25 million in financing for Golf Brook and Sabal Park Apartments, two multifamily communities totaling 357 units in Longwood, Fla.HFF worked on behalf of NTS Development Co. to secure the floating-rate loans through Freddie Mac’s “capped ARM” financing program. A $14.63 million loan was arranged for Golf Brook and a $9.6 million loan was secured for Sabal Park.Located at 385 Golf Brook Circle (Gold Brook Apartments) and 32 Sabal Park Place (Sabal Park Apartments), both communities are easily accessible from State Route 434 and Interstate 4, approximately 13 miles from downtown Orlando in Longwood. Golf Brook Apartments has 195 units averaging 1,538 square feet each and is currently 92.3 percent leased. The 90.7 percent occupied Sabal Park Apartments offers 162 units averaging 1,497 square feet each. Both communities feature fitness centers, swimming pools, hot tubs and car wash facilities for residents. Meridian Arranges Financing of Over $5M for 3 Rental CommunitiesChicago–Meridian Capital Group recently arranged financing in the amount of $5,875,000 for three multifamily properties located in Chicago. One property is located at 2418 N. Sawyer Ave. and features 32 residential units. It is part of a five-building, $15 million multifamily portfolio. Meridian negotiated on behalf of the borrower to secure a 10-year term mortgage with a rate of 5.66 percent. Another property is located at 6201 N. Kenmore Ave. and features 59 residential units, for which Meridian negotiated on behalf of the borrower to secure a low leverage, 10-year term mortgage with a rate of 5.47%.  and the third one is located at 3454-56 N. Bosworth Ave. and features 19 units. Friedman was able to rate lock for this existing client a low fixed rate of 5.53% for a 10-year term.