$41 million financing arranged by HFF for 259-unit multi-housing development in Davie, Florida
MIAMI, FL – May 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $41 million in construction financing for the development of Parc3400, a 259-unit, Class A multi-housing property in Davie, Florida.
HFF worked exclusively on behalf of the borrower, a joint venture between Giles Capital Group, Rosemurgy Properties and FSG Holdings, to place the construction loan with Mutual of Omaha Bank. Park Partners Residential will manage and lease the asset.
Parc3400 will be situated near the southwest intersection of Interstate 595 and the Florida Turnpike on an eight-acre site at 3400 Davie Road. The site is adjacent to Nova Southeastern University and is approximately 25 miles north of Miami in Broward County. Due for completion in summer 2017, the property will feature one-, two- and three-bedroom units with granite countertops, stainless steel appliances, modern lighting, walk-in closets, in-unit washers and dryers, ceiling fans, impact-resistant windows and sliding doors, and private balconies and patios. Common area amenities include a resort-style swimming pool, pavilion, clubhouse, 84 bicycle parking spaces and car charging stations.
HFF’s debt placement team representing the borrower was led by managing director Elliott Throne.
“The South Florida-based developers are truly suited to understand the dynamics of this market, which will allow them to once again deliver a product that will provide local residents with a unique residential lifestyle option,” Throne stated. “The pairing between the developers and lender was a natural fit given their success on a recently-completed project in nearby Boca Raton.”
About Park Partners Residential
Partners Residential (PPR) is a multi-faceted firm for the ownership, development and property management of multifamily real estate. The company provides full service, third party property management to institutional and private owners of multifamily communities. Properties managed by the company include: Alta Congress, Boca Villas, Coastal Village, The Forum, and PARC3400, all located within Florida. www.parkpartners.com
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.