TODAY'S DEALS: HFF Secures $56M Refi for San Diego Student Housing

HFF lands $56 million in refinancing for a student housing asset; a historic redevelopment moves forward in Quincy, Mass.; and Johnson Capital arranges 30 loans for over $225 million during the final weeks of December 2011.

Sterling Collwood

San Diego—Holliday Fenoglio Fowler has secured a $56 million refinancing for Sterling Collwood, a 260-unit, Class AA student housing community located near San Diego State University in San Diego, Calif.

The services firm worked exclusively on behalf of AIG Global Real Estate Investment Corp. in placing a seven-year, 4.56 percent fixed-rate loan with M&T. Proceeds were used to refinance an existing construction loan.

Sterling Collwood was completed in 2010. The asset contains studio, two- and four-bedroom furnished and unfurnished units averaging just over 1,400 square feet each. The community was the first LEED Gold certified asset in San Diego. Amenities at the 99 percent leased property include a pool, fitness center, bicycle storage and shuttle services to and from SDSU.

Historic redevelopment moves forward in Massachusetts


Quincy Center

Quincy, Mass.—A partnership of Quincy, Mass.-based Street-Works Development LLC and The Beal Cos. of Boston has committed to drive forward a $1.6 billion redevelopment of the city’s Downtown area. The project is being touted as “the largest historic redevelopment in Massachusetts”. It will eventually cover 20 blocks.

The two companies will be co-managing partners on the 3.5 million-square-foot Quincy Center, a transit-oriented, mixed-use project with 1.1 million square feet of office, 700,000 square feet of retail, two hotels, and more than 1,400 new rental and condo residential units.

Quincy Center’s funding was kicked off in part late last year, when the Commonwealth of Massachusetts allocated $50 million from the Infrastructure Investment Incentive economic development program.

Johnson Capital arranges 30 loans For over $225M during the final weeks of 2011

Irvine, Calif.—Johnson Capital announces that professionals in its offices around the U.S. during the final weeks of 2011, from Dec. 10 through Dec. 31, placed 30 loans for over $225 million. The loans are secured by a mix of multifamily, office, industrial and retail properties located across the U.S. The properties are located  in 10 states  – Missouri, California, Colorado, Texas, Arizona, Florida, Oklahoma, Tennessee, South Carolina and Kansas. Some of the noteworthy aspects of the financings include the following:

-The largest of the transactions was a $42 million debt placement secured by a portfolio of multifamily properties in California. Jeff Kearns, senior vice president in Johnson Capital’s Irvine, Calif. office, worked on behalf of a private California-based investor to obtain the loan, which was provided by Fannie Mae.

-Darren Fisk, principal in the Denver office, closed two loans for over $38 million. One was provided by Freddie Mac for a multifamily property in Aurora, Colo. The other was provided by Fannie Mae for an apartment complex in Boulder, Colo.

-Working out of Johnson Capital’s Dallas office, Jason Pumpelly, managing director, arranged a $13.1 million loan with a CMBS lender for the office building at 10 United Nations Plaza in San Francisco.

-In Phoenix, Scott Monroe, senior vice president in the firm’s Las Vegas office, placed a $7.25 million, 10-year note, provided by a national bank secured by an R&D property.

Commenting about the end-of-year activity level, Cliff Carnes, COO of Johnson Capital, says, “The volume and variety of transactions the firm has recently closed shows the effectiveness of our national platform in finding financial solutions for a diverse group of real estate investors as well as the strength of the relationships we have developed with the top lenders around the country.”

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