By Anuradha Kher, Online News EditorWest Palm Beach, Fla.–HFF (Holliday Fenoglio Fowler, L.P.) has recently secured $5.3 million in financing for Windward at the Villages, a 196-unit multifamily community in West Palm Beach, Fla.HFF placed the 6.11 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae). The loan has a 10-year term that is interest-only and is open at par after Year Five. Loan proceeds were used to acquire the property and the borrower has plans for nearly $1 million in future unit upgrades. Located at 1441 Brandywine Rd. overlooking the Bear Lakes Country Club in West Palm Beach, Windward at the Villages has easy access to the Florida Turnpike, Interstate 95 as well as the central business and airport districts. The 95 percent leased property features 12 buildings with one- and two-bedroom units averaging 938 square feet each. Community amenities include a swimming pool, tennis court, volleyball court, car wash area and fitness center.“This was a timely acquisition for our client, who was able to take advantage of favorable debt in conjunction with purchasing an institutional-quality asset significantly below replacement cost,” says Cole.Arbor Closes Two Fannie Mae DUS Loans Totaling Over $3MHartford, New Haven, Conn.–Arbor Commercial Funding LLC recently completed funding of two loans totaling $3,142,000 under the Fannie Mae DUS product line. These loans include:$1,142,000 under the Fannie Mae DUS MAH product line for the 72-unit Pavilion Apartments in Hartford, Conn. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.11 percent. $2 million under the Fannie Mae DUS Small Loan product line for the 50-unit Windsor Oaks Apartments in New Haven, Conn. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.99 percent.
TODAY’S DEALS: HFF Secures $5.3M Financing for 196-Unit Rental Community, and Other Transactions
1 min read