$28 million financing arranged by HFF for newly-built multi-housing community in Emeryville, California
SAN FRANCISCO, CA – June 16, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $28 million in financing for 3900 Adeline, a newly-built, 101-unit multi-housing community in Emeryville, California.
HFF worked on behalf of the borrower, Madison Park Financial Corporation, to place the 10-year, fixed-rate loan with Nationwide Real Estate Investments.
3900 Adeline is situated at the corner of Adeline and 39th Streets in the heart of the sought-after North Oakland/Berkeley/Emeryville neighborhood of San Francisco’s East Bay. The transit-oriented property is one block from the Emery Go-Round shuttle and offers nearby access to the MacArthur BART station, AC Transit regional bus service, Amtrak Capitol Corridor commuter train and Interstates 80, 580 and 880. The property is also convenient to multiple nearby retail amenities and employers in Emeryville, Oakland and downtown San Francisco (by way of BART train or by car). Completed in 2015, the four-building, three-story property has 101 units averaging 776 square feet each; 1,280 square feet of 100-percent-leased, ground-floor retail; and a 107-space, underground parking garage. The property features a central courtyard, bike room, electric car charging stations and a community room with full kitchen.
The HFF team representing the borrower was led by senior managing director Bruce Ganong.
“The ability to generate competitive proposals from several life insurance companies so soon after completion of construction and lease up is a testament to the quality of the build, desirable core location and strong market fundamentals,” said Ganong.
About Madison Park Financial Corporation
Madison Park Financial Corporation (MPF) is a real estate investor, developer, operator and asset manager. MPF was formed in 1985 to create value through the development and management of real estate across all asset classes, ranging from multifamily and mixed-use to office, retail and industrial. MPF is responsible for all development activity, in addition to leasing and ongoing property management services for its projects and properties. Altogether, MPF and its related entities own and manage approximately $400 million in assets.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.