HFF Secures $172M M-F Development Loan
- Sep 08, 2008
Holliday Fenoglio Fowler L.P. has arranged for $172.5 million in financing for the development of three multi-family properties. The construction/mini-permanent loan is for three properties that are scheduled to consist of over 1,100 units in Maryland, 15 miles from Washington, D.C. The properties involved in the transaction are the 451-unit Westchester at Contee Crossing in Laurel, 192-unit Westchester Rockville Station in Rockville and 491-unit Westchester at the Pavilion in Waldorf. The loans were arranged by HHF on behalf of Archstone. Archstone will borrow the funds on a 60-month loan from TIAA-CREF, a financial services company. HFF director Cary Abod of the Washington, D.C., office, associate director John Ahmed and executive managing director Jody Thornton, both of the Dallas office, represented Archstone in negotiations on the transaction. HFF praised TIAA’s ability to provide funding in an otherwise difficult market. Ahmed stated in a release, “Despite an extremely challenging capital markets environment, they never wavered in their focus or in their commitment to this deal.” HFF also noted that the attractiveness of the Washington, D.C., market as a motivator for bringing the two sides together on the deal. “This transaction exemplifies Archstone’s investment and development goal of bringing superior residential communities to high-demand markets throughout the country,” Abod noted in the release. Archstone currently owns or operates about 92,000 multi-family units in the United States. HFF is a leading firm in the capital real estate intermediary industry and specializes in sales and arranging financing for its clients. CPN recently reported on the firm’s arrangement of a $74 million loan for the headquarters of CONSOL Energy in a suburb of Pittsburgh.