HFF secures $25.72 million acquisition financing for apartments in Lake Charles, Louisiana
DENVER, CO – July 17, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $25.72 million in acquisition financing for The Charlestonian at Lake Charles, a 224-unit, Class A, garden-style apartment community in the Gulf Coast community of Lake Charles, Louisiana.
HFF worked exclusively on behalf of Advenir, Inc. to place the seven-year, fixed-rate loan with two years of interest only 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 Charlestonian at Lake Charles is located at 1531 Country Club Road in the Barbe district near McNeese State University, Prien Lake Mall and several other demand drivers, including casinos, restaurants and entertainment options. Lake Charles is in southwestern Louisiana three hours west of New Orleans and two hours east of Houston. The Charlestonian at Lake Charles is approximately 95.98 percent leased and consists of one-, two- and three-bedroom floor plans averaging 885 square feet housed within 14 two-story residential buildings. Following renovations completed in 2016, units feature granite countertops, wood-style flooring, new dark wood cabinetry, glass tile backsplashes, farmhouse sinks with gooseneck faucets, dishwashers, new appliances, garden tubs and in-unit washers and dryers. Community amenities include two resort-style swimming pools, 24-hour fitness center, clubhouse with Wi-Fi, outdoor kitchen and grills, coffee bistro, off-leash dog park, controlled access, detachable garages and covered carports, beautiful landscaping and valet trash pickup.
The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and managing director Josh Simon.
About Advenir, Inc.
Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates income multifamily rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated 23,000 multifamily units valued at just under $3.7 billion. Advenir’s current portfolio consists of 12,000 apartment units valued at more than $2.4 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 315 employees and regional offices in Florida, Texas and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.
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.