PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $45 million in financing for Christiana Meadows, a 648-unit, garden-style apartment community in Bear, Delaware.
HFF worked on behalf of the borrower, a joint venture between principals of The Commonwealth Group and The Emory Hill Companies, to secure the 10-year, 3.62 percent, full-term, interest only, fixed-rate loan. Proceeds were used to refinance existing debt on the property.
Christiana Meadows is located at 265 Bear Christiana Road, approximately two miles south of the Delaware Turnpike/Interstate 95, 11 miles southwest of downtown Wilmington and 38 miles southwest of downtown Philadelphia. In addition, the property is near the 1.2-million-square-foot Christiana Mall, Christiana Town Center and New Castle Airport. Situated on 49 acres, the property consists of 54 three-story buildings, which have one- and two-bedroom floor plans. Community amenities include an Olympic-sized swimming pool, sauna, hot tub, playground, tennis courts, clubhouse with fitness center and large conference room. The asset is 92 percent occupied.
HFF’s debt placement team was led by managing director James Conley and senior real estate analyst Mike Pagniucci.
“As the largest apartment community in Delaware, Christiana Meadows has enjoyed historically strong occupancy as a result of its competitive rental rates and convenient location, which attracted considerable lender interest in the asset,” said Conley.
The Commonwealth Group: The Commonwealth Group has, to date, developed more than $600 million of commercial, industrial and residential real estate. They currently manage 1.3 million square feet of office, warehouse and multifamily properties.
The Emory Hill Companies: Emory Hill was founded in 1981 in Newark, Delaware as a development company and Emory Hill & Company was formed to provide comprehensive construction management and design-build service. To date, Emory Hill Companies have built and developed more than 15 million square feet with a value of well over $600 million.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.