HFF secures $22.25 million acquisition financing for 288-unit apartment community in Port Richey, Florida
MIAMI, FL – June 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $22.25 million in acquisition financing for The Lakes at Port Richey, a 288-unit, garden-style apartment community in Port Richey, Florida.
Working exclusively on behalf of Agora Capitol Partners Inc., HFF placed the 10-year, floating-rate loan with Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
The Lakes at Port Richey features 24, two-story buildings totaling 264,168 rentable square feet with a variety of five one-, two- and three-bedroom layouts. The property has been recently renovated with common area enhancements and interior upgrades to select units, including the addition of faux granite countertops, raised panel cabinet doors, new appliances and faux wood plank flooring. Community amenities include a swimming pool with cabanas, fitness center, dog park, playground, clubhouse, business center, internet café and coffee bar. The Lakes at Port Richey is located on approximately 23.75 acres at 8228 Chasco Woods Boulevard less than two miles east of U.S. Highway 19, which is one of the main north-south thoroughfares in Central Florida’s Pasco County. The property is 98 percent leased.
The HFF debt placement team was led by managing director Elliott Throne.
“The borrower utilized its local area expertise to acquire another great asset that will complement their nearby existing holdings,” stated Throne. “Freddie Mac provided a very attractive, low-rate, flexible financing that allowed the borrower to acquire the asset, complete additional property enhancements, and position the property well for the next several years.”
During the first quarter of 2017, HFF closed 197 deals totaling more than $7.4 billion in multi-housing transactions across the country.
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.