HFF Arranges Financing Totaling $190.873M for 6 Apartment Communities in Texas, Alabama and Colorado
May 20, 2019
DENVER–(BUSINESS WIRE)–lt;a href="https://twitter.com/search?q=%24HF&src=ctag" target="_blank"gt;$HFlt;/agt; lt;a href="https://twitter.com/hashtag/CRE?src=hash" target="_blank"gt;#CRElt;/agt;–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.
Contacts
ERIC TUPLER
HFF Senior Managing Director
(303) 515-8000
etupler@hfflp.com
JOSH SIMON
HFF Managing Director
(303) 515-8000
jsimon@hfflp.com
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713)
852-3403
ohennessey@hfflp.com