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March 12, 2012

Brookfield Refis Five Multi-Family Properties for $400M

By Scott Baltic, Contributing Editor

The Amberleigh in Fairfax, Va.

In a deal arranged and closed by Holliday Fenoglio Fowler L.P., Brookfield Real Estate Financial Partners has secured a $400 million, seven-year, floating-rate refinance loan from M&T Realty Capital Corp. for a 2,600-unit multi-housing portfolio. The portfolio consists of four properties in metro Washington, D.C. and one in Hoboken, N.J.

The Class B+ properties, which reportedly average 98 percent occupancy overall, are The Avant in Annandale, Va.; The Amberleigh in Fairfax, Va.; The Edgemoore in Alexandria, Va.; Meridian at Bowie in Bowie, Md.; and Grand Adams in Hoboken, N.J.

The HFF team representing Brookfield Real Estate Financial Partners was led by senior managing directors Bob Donhauser and Bill Asbill.

Refinancings have been in the news quite a bit of late, as investors look to deploy capital that would otherwise be waiting for the right opportunity. Last week, Vornado Realty Trust wrapped up the refinancing of 100 West 33rd St., a mixed-use office property in Manhattan encompassing 1.1 million square feet. And during the first week of March, Buckhead Place, a mixed-use development in the Buckhead submarket of Atlanta, saw a $50 million permanent financing arranged by CBRE Group Inc.’s capital markets team.