$24.8 million financing for Class A apartment community in Charlotte, North Carolina, secured by HFF
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $24.8 million in financing for Andover Woods, a 392-unit, Class A apartment community in Charlotte, North Carolina.
HFF worked on behalf of the borrower, Heritage Capital Group, LLC (Heritage), to arrange the 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corporation. Loan proceeds were used to acquire the property.
Andover Woods is located at 7808 Andover Woods Drive near Interstates 485 and 77, approximately 10 miles south of downtown Charlotte. The property, which sits on a 44-acre parcel, was constructed in phases between 1986 and 1995 and was 93 percent occupied at closing.
The HFF debt placement team was led by senior managing directors Jon Mikula and Travis Anderson.
“This acquisition was an important transaction for Heritage as they continue to grow their North Carolina multi-housing portfolio. Lender interest for this loan was high, but M&T/Fannie Mae was quick to get their hands around the deal and provide certainty of execution,” said Mikula.
About Heritage Capital Group, LLC
Heritage Capital Group, LLC was founded by Jeffrey Greenberg and Steven Greenberg, principals of Heritage Management Company, to focus on acquiring select office, flex, industrial and multi-family properties in the Mid-Atlantic region and nationwide. The partners’ complimentary skill sets provide the foundation for a robust and formidable progressive organization. Heritage Capital Group serves as the investment arm of a larger real estate organization that also includes the Heritage Management Company. For more information, visit www.HeritageCapitalGroup.net.
About M&T Realty Capital Corporation
M&T Realty Capital Corporation (www.mandtrcc.com) is a wholly-owned commercial mortgage-banking subsidiary of Manufacturers and Traders Bank, better known as M&T Bank Corporation. Founded in 1856, M&T Bank Corp. (www.mtb.com) is one of the 20 largest U.S. bank holding companies, with more than 650 branch offices and 1,500 ATMs in Maryland, Washington D.C., Virginia, Pennsylvania, New York, West Virginia and Delaware.
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.