DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $41.547 million in financing for a three-property seniors housing portfolio in Sacramento, California.
HFF worked on behalf of Harbert Seniors Housing Fund I, LP, an affiliate of Harbert Management Corporation, to secure the seven-year, floating-rate acquisition loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
The properties in the portfolio are: Chateau on Capitol Avenue, Chateau at River’s Edge and River’s Edge. Chateau on Capitol Avenue is located at 2701 Capitol Avenue less than two miles east of downtown Sacramento. The property has 56 assisted living units totaling 60,268 rentable square feet. Chateau at River’s Edge and River’s Edge are adjacent properties located at 601 and 641 Feature Drive, approximately 3.9 miles east of Chateau on Capitol Avenue. Chateau at River’s Edge has 97 assisted living and 10 memory care units while River’s Edge encompasses 94 independent living units totaling 55,576 rentable square feet. The properties are 95 percent leased overall.
The HFF seniors housing team representing the borrower was led by senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Anderson.
About Harbert Management Corporation: Harbert Seniors Housing Fund I, LP (HSHF) is sponsored by Harbert Management Corporation (HMC). HMC, together with its sponsored funds, owns, develops and manages multifamily, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HSHF looks for seniors housing investment opportunities with a primary focus on independent living, assisted living and memory care communities. Additional information about HMC can be found at www.harbert.net.
About HFF: HFF 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.