TODAY’S DEALS: HFF Arranges $96M Financing on Behalf of LCOR
HFF placed two fixed-rate loans with Allianz Real Estate of America; and Glassover, Catalyst broker off-market Florida sale.
Greenwich, Conn.—HFF announced that it has arranged $96 million in financing for Greenwich Place and Greenwich Oaks, Class-A multi-housing communities totaling 396 units in Greenwich, Conn.
Working on behalf of LCOR, HFF placed two fixed-rate loans with Allianz Real Estate of America. A $55 million loan was arranged for Greenwich Place and a $41 million loan was secured for Greenwich Oaks. The properties were previously unencumbered with debt.
Greenwich Place and Greenwich Oaks are located two miles apart close to Interstate 95 about 35 miles north of New York City. Greenwich Place is situated on 30 acres at 311 Putman Green. The property consists of 266 one-, two- and three-bedroom units that average 1,312 square feet each. Greenwich Oaks is located on 29 acres at 219 Weaver Street and has 130 two- and three-bedroom units that average 1,850 square feet each. Community amenities at each property include a clubhouse, heated pool and fitness center. Both properties were renovated in 2010 and 2011.
The HFF team representing LCOR was led by senior managing director Jon Mikula and managing director Jim Cadranell.
Glassover, Catalyst broker off-market Florida sale
Jacksonville, Fla.—Courtney Meadows, a 276-unit Class A apartment complex, has been sold in an off-market transaction to a leading Boston based real estate advisor.
Specific terms of the sale remain confidential; however, it is known that pricing was at a market rate commensurate with the high-quality and strong Southside location of the asset. The deal was brokered by Glassover & Company Inc. of Naples, Fla., and Catalyst & Co. of Jacksonville, Fla. Both boutique firms are strategically aligned, and specialize in sourcing attractive off-market opportunities for institutional clients.
