Gainesville, Fla.—HFF announced that it has secured a $19.3 million financing for Wildflower Apartments, a 201-unit, Class A multi-housing community in Gainesville, Fla.
Working exclusively on behalf of EPOCH Properties, HFF placed the seven-year, fixed-rate loan through Prudential Mortgage Capital Company.
Wildflower Apartments is located at 1210 Southwest 11th Avenue directly across from the University of Florida campus and Shands Hospital. The 99 percent occupied property has five residential buildings with one-, two- and three-bedroom units available with or without lofts. Built in 2007, community amenities include structured parking, concierge service, fitness facility, billiards room with pub area, air-conditioned basketball/sport court, resort style pool, resident’s club and surround sound screening room.
The HFF team representing the borrower was led by director Elliott Throne.
“This deal represented perfect circumstances for the lender to seize the opportunity to make an excellent investment in the area’s premier multi-housing project with a superior sponsor who is locking in financing at a time when rates are at incredible lows” stated Throne.
Kennedy Wilson Acquires iconic Dublin asset
Dublin—Kennedy Wilson has expanded its portfolio overseas with the purchase of the Alliance Building, a 210-unit rental located in Dublin, Ireland. The cylindrical, nine-story asset is part of the larger Gasworks estate, and is adjacent to Google’s European headquarters. It was acquired with partner Fairfax Financial for €40 million ($50 million USD) from Grant Thornton, which acted as appointed receiver on behalf of Ulster Bank.
“We are seeing significant opportunities in the residential space, particularly in Ireland, and this transaction is a reflection of our ongoing commitment to building our business there as well as other parts to Europe,” says Mary Ricks, president & CEO of Kennedy Wilson Europe.
The purchase brings Kennedy Wilson’s multifamily portfolio to ownership interests in 14,114 units throughout the U.S., Japan and Ireland.
Centerline refinances a 41-unit property in Minnesota
St. Peter, Minn.—Centerline Capital Group has provided a $2,250,000 Fannie Mae small balance loan to refinance Aspen Court Townhomes, a 41-unit asset located in St. Peter, Minn. The property was built in 1999. The loan is a 10-year fixed rate facility with a 30-year amortization period.
“Aspen Court has been well maintained and is located in a residential neighborhood with good visibility and appeal,” says Peter Margolin, senior vice president in the mortgage banking division at Centerline. “This property is currently fully occupied, and has enjoyed an average occupancy rate of 100 percent, outpacing other local comparable properties.”
The borrower, Aspen Court Townhomes LLC, has operated the property since developing it. Proceeds of the loan will be used to pay off existing indebtness and recoup expenses recently incurred for capital improvements.