TODAY’S DEALS: HFF Secures $22.1M Refinancing with Freddie Mac for 236-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorRancho Cucamonga, Calif.–HFF (Holliday Fenoglio Fowler L.P.) recently secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments (pictured), a 236-unit multifamily community in Rancho Cucamonga, Calif.Working on behalf of institutional investors advised by J. P. Morgan Asset Management – Global Real Assets, HFF senior managing director Whit…
By Anuradha Kher, Online News EditorRancho Cucamonga, Calif.–HFF (Holliday Fenoglio Fowler L.P.) recently secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments (pictured), a 236-unit multifamily community in Rancho Cucamonga, Calif.Working on behalf of institutional investors advised by J. P. Morgan Asset Management – Global Real Assets, HFF senior managing director Whit Wilcox placed the seven-year, adjustable-rate loan with the Federal Home Loan Mortgage Corp. (Freddie Mac). Loan proceeds are paying off a maturing loan that the borrower had with a portfolio lender. HFF has closed more than $100 million in financing through Freddie Mac in 2009.Fairway Palms Apartments is located at 11201 5th St. Completed in 2002, the 94 percent leased property has one-, two- and three-bedroom units that average 928 sq- ft. each. Residents of Fairway Palms have access to a swimming pool, fitness center and clubhouse and may also use the amenities at the adjacent Ironwood Apartments, which is also owned by the borrower.CPC, HPD Provide $442,495 Permanent Financing for Vacant 3-Story BuildingNew York–The Community Preservation Corporation’s (CPC) Bronx office and the New York City Department of Housing Preservation & Development (HPD) have provided a $442,495 loan for the permanent financing of a formerly city-owned, vacant residential three-story building in the East Tremont section of the Bronx, N.Y. The building, located at 1688 Webster Ave. and East 173rd St., was recently renovated as part of the HPD Neighborhood Homes Program, in which city-owned properties are transferred to community-based sponsors for rehabilitation and eventual sale to new owners—usually first-time home buyers—who will live in a single unit and rent the other units at affordable rates. CPC provided a permanent loan of $320,949 for this project. HPD provided a grant of $126,667 to subsidize the sale price to the buyer, which remains on the property as a soft second mortgage. The balance of this grant will completely self amortize at the end of the owner’s seventh year of occupancy. To prevent speculation and encourage neighborhood stability, the new owner must reside in the building for at least 10 years.