HFF closes sale of and arranges financing for Gateway North in suburban Tampa, Florida
TAMPA, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Gateway North, a newly-built, 342-unit, Class A multi-housing community in the Tampa suburb of Clearwater, Florida.
HFF marketed the offering exclusively on behalf of the seller. Venterra Realty (Venterra) purchased the asset for an undisclosed amount. Additionally, HFF worked on behalf of Venterra to secure the seven-year, 3.95 percent fixed-rate acquisition loan through Prudential Mortgage Capital Company.
Gateway North was completed in 2015 and offers amenities including a swimming pool with private cabanas, outdoor kitchens and bars, dog park, walking paths, state-of-the-art fitness center, clubhouse, high-tech business center, car wash, electric car charging stations and detached garages. Designed in a transitional Craftsman architectural style, the property has one-, two- and three-bedroom floor plans averaging 943 square feet each. The property is located at 2681 Roosevelt Boulevard proximate to the Gateway office market, one of Tampa Bay’s largest employment markets.
The HFF investment sales team was led by managing director Matt Mitchell and associate director Zach Nolan.
HFF’s debt placement team was led by director Cortney Cole and associate director Preston Reid.
“After a prolonged period of limited new apartment development in Pinellas County, Gateway North was met with significant demand from renters. The property’s rapid leasing velocity allowed the developer to execute its business plan and sell the property while still in lease-up,” said Mitchell.
About Venterra Realty
Venterra Realty (Venterra) specializes in the identification, finance, acquisition and management of multifamily residential communities in the southern United States. Venterra currently manages a portfolio of approximately 17,000 multifamily units totaling more than $1.45 billion in value that generates gross annual income in excess of $180 million. The organization has completed in excess of $2.6 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs more than 500 people.
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.