$17.04 million financing for garden-style apartments in South Florida’s Broward County arranged by HFF
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $17.04 million in financing for Coral Falls, a 190-unit, garden-style multi-housing community in Coral Springs, Florida.
HFF worked on behalf of CF Partners, Ltd. and Iron River Management, LLC to secure the seven-year, floating-rate, interest only loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan, which has a starting rate of 2.32 percent, will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds are being used to continue renovations to the property.
Coral Falls is located at 2801 NW 91st Street in Coral Springs providing access to Boca Raton to the north and Fort Lauderdale and Miami to the south. The 97.9-percent-leased asset has a mix of one- and two-bedroom floor plans averaging 1,029 square feet each. Community amenities include a swimming pool with sundeck, brand new fitness center, picnic areas, tennis court, playground and car wash station.
The HFF debt placement team representing the borrower was led by managing directors Elliott Throne and Josh Simon.
About Iron River Management, LLC
Iron River Management, LLC (Iron River) has been involved in the ownership, management and development of multifamily residential real estate since the early 1970’s. With more than 40 years of experience, Iron River has grown and diversified its operations into separate affiliated entities that concentrate its expertise in the fields of property management, property acquisition and finance and private equity investing. As of 2015, the company owns nearly 1,000 multifamily units, with an estimated market value of more than $110 million and is developing two additional multi-family properties in the Denver Metro totaling 260 units. Iron River’s affiliates also manage a private equity portfolio with current returns in excess of $25 million.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.