TODAY'S DEALS: HFF Lands $22.2M for Class A Community in Central Florida
Holliday Fenoglio Fowler lands financing for a 270-unit property in Florida; an Archstone sponsored partnership completes a $63.2 million purchase; and Walker & Dunlop completes a $9.55M refinance loan for a mixed-use property in New Orleans.
Orange City, Fla.—Holliday Fenoglio Fowler has arranged a $22.2 million refinancing for Integra Landings, a 270-unit Class A community located in Orange City, Fla. HFF worked on behalf of the borrower, Integra Landings LLC, to secure the financing, which came in the form of a seven-year fixed-rate loan through Freddie Mac.
“Freddie Mac was not only able to offer a very aggressive 80 percent LTV deal with two years of interest only, but was also able to increase proceeds following the early locking of the rate,” says Elliott Throne, a director at HFF who led the team in securing the funds. “Integra Landings is the premier luxury complex in the area and offers an impressive collection of community and individual residence amenities.”
Integra Landings is located close to Interstate 4, which provides access to Orlando’s CBD to the south. The community was completed in 2008, and includes one-, two- and three-bedroom apartments that average 1,075 square feet in size. Amenities include gated access, a swimming pool, and laundry in every unit.
Archstone Partnership acquires 192-unit asset in California
Sunnyvale, Calif.—An Archstone sponsored partnership has acquired Parkside Apartment Homes, a 192-unit community located in the Silicon Valley. The property was purchased for $63.2 million and will be renamed Archstone Sunnyvale. The corporate headquarters of Apple, Cisco and Intel are all within five miles of the community.
“We are committed to improving our portfolio of apartment communities in all of our core markets and with every property we purchase,” says R. Scot Sellers, chief executive officer at Archstone. “Archstone Sunnyvale is in the heart of one of the most exciting employment centers in the world and is a fantastic addition to our many well-located Bay Area apartment communities.”
The transaction was brokered by Phil Salimbeni and Stan Jones of Marcus & Millichap of Palo Alto, Calif. Amenities at the property include a pool with a hot tub, a fitness center, business center, an on-site dog park, and a barbecue area with grills.
Walker & Dunlop completes $9.55M refi for mixed-use property
New Orleans — Walker & Dunlop, LLC announced that it recently provided $9,550,000 in financing for The Muses, a mixed-income residential apartment community, located in the Central City neighborhood of New Orleans.
The Fannie Mae refinance loan was structured with an 18-year term and a 35-year amortization. The loan was underwritten to a 75 percent Loan-to-Value with a 1.40 Debt-Service Coverage ratio.
The Muses is the first apartment complex in Louisiana to receive LEED Silver certification. The 211-unit mid-rise apartment development–originally slated to become a grocery store– was purchased by LDG Development post-Katrina. By utilizing an array of capital and debt resources, including Low Income Housing Tax Credits, Community Development Block Grants, and subordinate low-interest loans from the Office of Community Development, LDG was able to develop a first-class apartment complex in an area that needed apartment units, improving the overall neighborhood condition.
“The Muses has always been more than just a set of buildings to us,” says said Chris Dischinger, LDG Development Principal. “The residents are hardworking, deserving people that take pride in where they live. We are thrilled this mixed-income community is a success and LDG is fortunate to be able to improve their overall life experience.”
The multifamily property offers floor plans with up to four bedrooms in two residential buildings. All of the units feature nine-foot ceilings, gourmet kitchens with energy-efficient appliances, breakfast bars, oversized windows, and washer/dryer sets. Community amenities include a fitness center, playground, library, media room, 24-hour business center, and outdoor grilling areas. Residents also benefit from controlled access, secured parking and covered bicycle racks. Phase II of The Muses was recently completed, adding an additional 52 units to the complex; both phases are stabilized over 90 percent leased.