HFF Arranges Financing Totaling $190.873M for 6 Apartment Communities in Texas, Alabama and Colorado
May 20 2019 - 6:23AM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announces financing
totaling $190.873 million for six apartment communities comprising
1,843 units in Texas, Alabama and Colorado.
The HFF team worked on behalf of the borrower, Advenir, Inc., to
secure the seven-year, fixed-rate loans in six separate
transactions through Freddie Mac. Two of the transactions were
acquisition financing and the remaining four transactions were
refinances from floating- to fixed-rate loans. The refinances were
in line with the borrower’s strategy to mitigate interest rates
amid the volatile interest-rate environment. The fixed-rate
conversions took the ongoing LIBOR adjustment risk off the table
and ultimately provided the borrower with a reduction in the all-in
rate for each property with additional interest-only amortization.
All the loans will be serviced by HFF, a Freddie Mac Optigo℠ lender
for Conventional Loans.
“At Advenir, we continually review our portfolio to increase
value through interest-rate mitigation,” said Stephen L. Vecchitto,
managing director and principal of Advenir, Inc. “HFF has been a
valuable partner in assisting us with our interest-rate mitigation
strategy as well as structuring new financing on our
acquisitions.”
The properties in the portfolio are: Advenir at Mayfield, a
300-unit property located at 3200 Bromley Place in the West Texas
community of Midland; Advenir at The Meadows, a 320-unit property
located at 5101 N. A Street in Midland; Advenir at Stone Park, a
480-unit property located at 6160 E. Sam Houston Parkway North in
Houston; Advenir at Wynstone, a 258-unit property located at 6464
E. Sam Houston Parkway North in Houston; Advenir at Station 121, a
255-unit property located at 2000 2nd Ave South in Birmingham; and
Advenir at Bear Valley, a 230-unit property located at 3550 S.
Kendall Street in Denver, Colorado. The properties averaged 94.8
percent occupied overall.
The HFF team representing the borrower included senior managing
director Eric Tupler and managing directors Josh Simon, Cortney
Cole, Chip Sykes and director Matthew Putterman.
About Advenir, Inc.
Founded in 1996, Advenir, LLC is a Real Estate Investment
Company headquartered in Aventura, Florida (Miami-Dade). Advenir
acquires and operates multi-family rental communities throughout
the United States, on behalf of high-net-worth and institutional
investors. Since inception, Advenir has owned and operated more
than 23,000 apartment units valued at just under $3.7 billion. The
company’s current portfolio is in excess of 13,241 apartment units
valued at more than $2.3 billion. In addition to Advenir, LLC,
Advenir has a Property Management Company with 325 employees and
regional offices in Florida, Texas, Colorado and Louisiana; and a
Construction Management Company focused on multifamily development
and rehabilitation.
About HFF
HFF and its affiliates operate out of 26 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
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF). For more information, please visit
hfflp.com or follow HFF on Twitter @HFF.
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version on businesswire.com: https://www.businesswire.com/news/home/20190520005087/en/
ERIC TUPLERHFF Senior Managing Director(303)
515-8000etupler@hfflp.com
JOSH SIMONHFF Managing Director(303)
515-8000jsimon@hfflp.com
OLIVIA HENNESSEYHFF Public Relations Specialist(713)
852-3403ohennessey@hfflp.com
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