Trumbull Fund Refis $207M in Properties
- Aug 27, 2008
Taking advantage of a good interest rate, Trumbull Property Fund refinanced six Class A multi-family properties throughout the country as part of a $207 million refinancing effort. The Hartford office of Holliday Fenoglio Fowler L.P. secured first mortgage financing totaling $206.99 million for six Class A multi-family communities–a total of 2,157 units–located in Chula Vista and Orange, Calif.; Atlanta; Chicago; and Durham, N.C.HFF senior managing director Dana Brome (pictured) worked exclusively with UBS Realty Investors in arranging the five-year, fixed-rate loans through MetLife Real Estate Investments on behalf of the Trumbull Property Fund. “This was a refinance deal and our clients liked the interest rates,” Brome told CPN. “These assets were unleveraged and it is a good time in the market to take advantage of the rates.” Brome said the lender selection process was competitive despite the current financial market situation. He said the low leverage and diversity of markets served as an enticement for lenders. MetLife was selected because of its rapid rate lock and streamlined closing process. Trumbull Property Fund is managed by UBS Realty Investors L.L.C., a subsidiary of UBS AG.HFF operates out of 18 offices nationwide and is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.