DENVER, CO – HFF announced today that it has secured $24 million in financing for the development of Gabella at Parkside, a 196-unit, Class A multi-housing community in the Minneapolis suburb of Apple Valley.
Working exclusively on behalf of the borrower, an affiliate of IMH Financial Corporation, and developer, Titan Investments, HFF placed the three-year construction loan with a national bank.
Due for completion in February 2016, Gabella at Parkside will include a mixture of 196 one-, two- and three-bedroom units totaling 205,544 rentable square feet. Situated on a 5.2-acre site, the property will be the first of a five-phase residential component located within Central Village, a 60-acre master planned development encompassing hotel, retail, office and multi-housing in downtown Apple Valley. The transit-oriented property will be within walking distance of the Apple Valley Transit Station along the Minneapolis-St. Paul Metro Red Line. Community amenities will include a resort-style swimming pool, hot tub, sun deck, grilling area, indoor/outdoor gaming area, state-of-the-art fitness center, yoga studio, theater room, lounge and internet café.
The HFF team representing the borrower was led by director Josh Simon, associate director Brock Yaffe and analyst Matt Gangaware.
IMH Financial Corporation (“IMH”) is a real estate company based in Scottsdale, Arizona, with extensive experience in various facets of commercial real estate. IMH’s business plan focuses on its current real estate holdings as well as the productive deployment of investment capital on new opportunities. Since 2003, IMH has invested more than $1.4 billion in real estate projects. The company has active projects in Arizona, California, Utah, Minnesota, New Mexico and Texas. IMH has experience in acquiring, financing, and developing commercial real estate, as well as in the management of existing commercial operations.
Titan Investments is a privately-owned real estate firm that specializes in creating value through the development and ownership of high-quality multifamily, student housing, assisted living and mixed-use properties on a national basis. Since its inception, Titan has developed thirteen projects with a market value of approximately $250 million.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.