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Writer's pictureMAREJ
Aug 25, 2015

HFF furnishes $62.5m financing for development of leasehold interest


Arlington, VA — Holliday Fenoglio Fowler, L.P. (HFF) has arranged $62.5 million in financing for the development of the leasehold interest in 1008 North Glebe, a to-be-built, 15-story, 267-unit, class A mixed-use apartment and retail property situated on Marymount University’s Ballston Center Campus in Arlington. HFF worked on behalf of the developer, The Shooshan Company, to secure the construction financing with SunTrust Bank. The Shooshan Company was selected by Marymount University in 2012 to evaluate their Ballston Campus, a 110,000 s/f site with a 1960’s-era office building that Marymount purchased in 1992 as an extension to their main campus. A site plan was approved whereby Marymount could demolish the aging classroom building and redevelop the site into two new buildings: a class A 165,000 s/f classroom/office building owned by Marymount, and a class A mixed-use apartment and retail tower owned by an affiliate of The Shooshan Company on a leasehold interest in the land. 1008 North Glebe is prominently situated at the corner of North Glebe Rd., North Fairfax Dr. and I-66 in the transit-oriented Rosslyn-Ballston Corridor. The combined project is expected to be complete by spring of 2017. The HFF debt placement team representing the borrower was led by Sue Carras, Walter Coker and Brian Crivella. Greensboro & High Pointe, NC — Holliday Fenoglio Fowler, L.P. has secured financing totaling $49.801 million for a three-property apartment portfolio totaling 811 units in Greensboro and High Pointe. HFF worked on behalf of the borrower, Hudson Capital Properties, to place three separate 10-year, fixed-rate loans with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. The properties included in the portfolio are Steeplechase at Adam’s Farm located at 1338 Adams Farm Parkway in Greensboro; Park Forest located at 3214 Brassfield Rd. in Greensboro; and Deep River Pointe located at 3971 River Pointe Place in High Pointe. The garden-style communities have a variety of floor plans ranging from one- to three-bedroom units. Community amenities vary for each property but include features such as swimming pools with sundecks, 24-hour fitness centers, business centers, tennis courts and walking trails. The portfolio is 96% leased. The HFF debt placement team was led by senior managing director Thomas Didio and director Luke Vanderpoel. “Hudson Capital Properties is excited about bringing these three properties into its growing portfolio,” Hudson Capital Properties president Frank Huttle III said. “We have been an owner of multifamily properties in North Carolina and are delighted to expand our footprint to Greensboro. Many thanks to HFF for their help in making this transaction a reality.” “We are pleased to have secured favorable debt for the Hudson Capital Properties’ acquisition of three quality apartment assets in the Greensboro and High Pointe, North Carolina markets,” said Didio. “Our Freddie Mac team did a great job securing the interest rate prior to closing the purchase.” Eatontown, NJ — Holliday Fenoglio Fowler, L.P. has secured a $10 million refinancing for West Ridge Corporate Center, a 113,715 s/f, office/flex campus in Eatontown. Working on behalf of the borrower, Bollerman Real Estate Services, Inc., HFF placed the 10-year, fixed-rate loan with Principal Commercial Capital, a lending platform jointly formed by Macquarie Group and Principal Real Estate Investors. Loan proceeds were used to refinance an existing loan on the property. The HFF debt placement team representing Bollerman was led by director Michael Klein. West Ridge Corporate Center is located at One Industrial Way West within the Eatontown Business Park. The five-building, office/flex complex is located just west of Rte. 35, one mile south of its intersection with Route 36 and less than three miles from Interchange 105 of the Garden State Parkway and Rte. 18. The property, which was constructed in 1983 and purchased by Bollerman in 2004, is currently 96% leased. “Bollerman was seeking a long term loan that would enable them to take advantage of low interest rates in arguably a soon to be rising interest rate environment,” said Klein. “Principal understood the submarket and the short term leases associated with this product type and was able to provide a loan that best met Bollerman’s needs.”

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