HFF closes sale of and arranges financing for Birmingham, Alabama, seniors housing community
DALLAS, TX – April 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for Danberry at Inverness, a 232-unit seniors housing community in the Birmingham, Alabama, suburb of Hoover.
HFF marketed the property on behalf of a joint venture between a private equity seller and LCS, and procured the buyer, a joint venture partnership between LCS and an affiliate of Artemis Real Estate Partners. Life Care Services, an LCS Company, will also continue to manage and operate the property. In addition to brokering the sale, HFF worked on the new owner’s behalf to secure a seven-year, floating-rate acquisition loan through Freddie Mac’s CME Program. The securitized loans will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Danberry at Inverness comprises 160 independent living units, 48 assisted living units and 24 memory care units. The Class A+ property has high-end finishes and amenities, including an expansive grand lobby, 24-hour concierge service, elegant dining room, state-of-the-art fitness center, solarium, library with fireplace, lounge/clubroom, business center, heated swimming pool and hot tub, barber shop and full-service salon. The property’s location at 235 Inverness Center Drive places it near Birmingham’s “280-Corridor”, which is among the fastest-growing business corridors in the Southeast. The affluent Hoover area has experienced a 48.1 percent growth in population in the past decade with an average household income of approximately $111,374.
The HFF investment sales team was led by senior managing directors Ryan Maconachy, Chad Lavender and Bill Miller.
HFF’s debt placement team was led by associate director Sarah Anderson.
About Life Care Services®
Life Care Services, An LCS Company, established in 1971 and based in Des Moines, Iowa, is the third largest manager of full-service senior living communities. Life Care Services currently provides operations, and marketing and sales management services for not-for-profit and for-profit Life Plan Communities, formerly known as Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. For more information, visit lifecareservicesLCS.com.
Artemis Real Estate Partners
Artemis Real Estate Partners (Artemis) was co-founded by Deborah Harmon and Penny Pritzker in 2009 and is headquartered in the Washington, D.C. metropolitan area. Artemis is a real estate investment management firm that invests with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail, hospitality, self storage, medical office and seniors housing across opportunistic, value add and enhanced core strategies. Artemis has raised over $2.4 billion of investor equity across a series of commingled funds and separate accounts.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.