DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $48.15 million in acquisition financing on behalf of affiliates of Abacus Capital Group LLC (Abacus) for The Burlington, a 427-unit apartment community in St. Paul, Minnesota.
Working on behalf of a fund advised by Abacus, HFF placed the floating-rate loan via revolving credit facility with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
The Burlington is located at 1180 Cushing Circle approximately 6.5 miles northwest of downtown St. Paul. The 98-percent-leased property is just south of Lake Como and the Como Park Zoo and accessible to Route 51 and Interstates 94 and 35. The Burlington has studio, one- and two-bedroom units ranging from 454 to 1,361 square feet and features a swimming pool, spa, grilling area, tennis court, fitness center, clubhouse with coffee bar and access to nearby walking and biking trails.
The HFF debt placement team representing the borrower was led by senior managing director Mona Carlton.
About Abacus Capital Group LLC: Founded in 2004, Abacus Capital Group LLC has a 12-year track record of achieving attractive, risk-adjusted returns for investors by acquiring, redeveloping, developing, managing and selling of multifamily properties throughout the United States of America. Senior professionals at Abacus Capital have an average of 25 years of multifamily investment management experience.
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.