NEWPORT BEACH, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $129.78 million in financing for two Class A apartment communities, The Knolls and Westlake Canyon, totaling 672 units in Thousand Oaks, California.
Working exclusively on behalf of the borrower, a joint venture between institutional investors advised by J.P. Morgan Asset Management and SARES-REGIS Group, HFF placed the five-year, floating-rate loan with a national bank. Loan proceeds were used to pay off maturing debt and fund future planned capital improvements.
The Knolls and Westlake Canyon are adjacent communities located at 2544 Vista Wood Circle and 2338 Fountain Crest Lane, respectively. The properties are situated northeast of the intersection of State Road 23 (Moorpark Freeway) and State Highway 101 (Ventura Freeway) and are accessible to amenities, including multiple retail destinations, nature trails at the Santa Monica National Recreation Area, wine tasting at Westlake Village Inn Resort and lakeside dining at Westlake Lake. The Knolls offers residents two swimming pools, four spas, a fireside lounge, clubhouse with library, fitness center, two racquetball courts and lighted tennis court. Westlake Canyon has an amenity package featuring a heated swimming pool, spa and fitness center.
The HFF debt placement team representing the borrower was led by executive managing director Mike Tepedino, senior managing director Kevin MacKenzie, managing director Charles Halladay and director Brian Torp.
About J.P. Morgan Asset Management: J.P.Morgan Asset Management – Global Real Assets has more than $90 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of March 31, 2016. With a 45-plus year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.
About SARES-REGIS Group: SARES-REGIS Group (“SRG”) is a privately held company formed in 1993. SRG is vertically integrated and nationally recognized for acquisitions, development and management of apartments, condominiums, mixed-use communities, office buildings and industrial parks. Since its inception, the company has acquired or developed approximately 19,000 multifamily and residential housing units and 44 million square feet of commercial properties. SRG has been acquiring, developing and operating multifamily assets in the western U.S. for over 20-years and has in-depth market knowledge along with a solid reputation for execution with brokers, lenders and sellers within the company’s target markets.
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.