HFF arranges financing totaling $37.6 million on behalf of Beachwold Residential for apartment communities in Florida and Texas
MIAMI, FL – April 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing totaling $37.6 million on behalf of Beachwold Residential for the acquisition of Verandahs at Hunt Club in Apopka, Florida, and Pecan Creek in Bedford, Texas.
HFF worked exclusively on behalf of the borrower, Beachwold Residential (Beachwold), to place three-year, floating-rate acquisition loans with NXT Capital (NXT). Additionally, HFF represented the seller in sale of Pecan Creek to Beachwold for an undisclosed amount.
Verandahs at Hunt Club is located at 3000 Foxhill Circle near Route 436, Highway 441 and Interstate 4 in Apopka, which is approximately 18 miles northwest of downtown Orlando in Central Florida’s Orange County. Situated on a wooded 21-acre site, the property has 21 two-story residential buildings encompassing 210 one-, two- and three-bedroom units averaging 1,185 square feet each. Community amenities include a resort-style swimming pool with sun deck, spa, playground, two tennis courts, putting green, dog park, 24-hour fitness center and car care center.
Pecan Creek is located at 2500 Central Drive in Bedford, Texas, a suburban city in the Hurst-Euless-Bedford submarket approximately seven miles east of the Dallas/Fort Worth International Airport. The community is 98.5 percent leased and has 272 one- and two-bedroom units. Community amenities include two swimming pools, picnic areas and two laundry care centers.
HFF’s debt placement team representing Beachwold was led by managing director Elliott Throne along with senior managing director Mona Carlton and associate director Michael Cosby.
The HFF investment sales team representing the seller in the Pecan Creek transaction was led by directors Blair Lang and Rob Key.
“Beachwold continues to find great assets in the Florida and Texas markets that play really well into their value-add strategy of acquiring solid properties with significant upside,” Throne said. “NXT’s aggressive loan terms will further enable Beachwold to execute their business plan as they have done numerous times during the last few years.”
About Beachwold Residential
Through its vast operational and ownership experience, in depth knowledge of its target markets and long-lasting relationships with brokers, lenders and property managers, Beachwold Residential (Beachwold) is able to identify and acquire undervalued assets that offer superior long-term returns and lower than average risk. Beachwold presently controls more than 40 properties and more than 12,000 multifamily units in Connecticut, Texas, Florida, New Jersey, Maryland, Tennessee and Virginia.
About NXT Capital
NXT Capital’s Real Estate Finance group primarily serves experienced real estate investors with non-recourse first mortgages of $10 million to $40 million for major-market properties with initial DSC greater than 1.0X. NXT Capital provides structured financing solutions through its Real Estate Finance, Corporate Finance and Equipment Finance groups, originating transactions on a national basis.
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.