SAN FRANCISCO, CA - Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $82.3 million for Kentwood Apartments in Napa, California, and Concord 1441 in Concord, California.
The HFF team worked on behalf of the borrowers, affiliates of Prime Residential, to secure two separate 10-year, fixed-rate loans through Freddie Mac’s CME Program. The securitized loans will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire both properties as well as implement a capital expenditure program to upgrade common areas and rental units.
Kentwood Apartments has 224 garden-style units with amenities, including a swimming pool, spa and covered parking. Nearly 80 percent of the units are generous two-bedroom/one-bath floorplans with attractive layouts. The 96-percent-leased property is ideally located at 550 River Glen Drive and provides access to Trancas Boulevard, Highway 29, Silverado Trail and the world-famous Napa Valley.
Concord 1441 is a 218-unit, three-story garden-style community featuring a swimming pool, spa, fitness center, business center and clubhouse. The property is situated just east of State Highway 242 and Interstate 680 at 1441 Detroit Avenue. Concord 1441’s transit-oriented location at the foothills of Mount Diablo provides access to the Bay Area’s major employment centers, retail destinations within walking distance and the Concord BART station.
The HFF debt placement team representing the borrower included senior managing directors Peter Smyslowski and Charles Halladay. Principal John Adair led the acquisition process for Prime Residential.
“The acquisition of both Kentwood and Concord 1441 are fitting examples of Prime Residential’s value-add multi-housing acquisition strategy and their ability to source deals in a red hot seller’s market,” said Smyslowski.
“The outstanding financing executions that HFF and Freddie Mac routinely deliver for us are a valuable part of Prime Residential’s business model,” Adair added.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Prime Residential: Prime Residential is one of the largest private owners of multifamily rental communities in the western United States and creates value through disciplined acquisitions, sensible capital structures, appropriate reinvestment and superior management. The firm’s current portfolio contains approximately 16,000 units. For more information, visit www.primegrp.com.
About HFF: HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.