SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for Arena District, a 65-unit/244-bed, off-campus student housing community serving the University of Oregon in Eugene, Oregon.
The HFF team worked on behalf of Cardinal Group to secure the floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire the property.
Arena District is located at 2050 E. 15th Avenue less than a quarter mile east of the University of Oregon campus, which serves approximately 23,600 students. Completed in 2014, the property is a five-minute walk from both the Matthew Knight Arena and historic Hayward Field and is approximately 1.5 miles east of downtown Eugene. Arena District comprises mostly four-bedroom units featuring modern finishes and green design components and community amenities, including a fitness center, hot tub, private study room, 24-hour study area and internet café, 24-hour multimedia lounge, clubroom with gaming and pool table and outdoor courtyard with grilling station. The LEED-certified property was 97 percent leased for the 2017-2018 school year.
The HFF debt placement team representing the borrower included senior director Pat Burger.
“HFF is pleased to have assisted Cardinal Group with its latest acquisition as they continue to grow their national portfolio,” Burger said. “They are a best-in-class operator with three properties already under management in the market. With this acquisition, they now also own a best-in-class asset serving UO.”
About Cardinal Group: Cardinal Group is a fully integrated real estate investment, construction, development and management firm specializing in opportunistic and value-added investments throughout the United States. The firm acts as a sponsor of private equity real estate partnerships and provides asset management services through its investment company Cardinal Group Investments ("CGI"). Cardinal Group Management ("CGM") and Cardinal Group Construction ("CGCon"), provide property and construction management services respectively to all of CGI's owned assets as well as to outside owners on a third-party basis. Cardinal Group has earned a reputation for creating vibrant multifamily and mixed-use communities incorporating signature design, high-quality finishes and market leading amenities. The company combines a highly analytical approach with hands-on management to deliver superior risk-adjusted results for investors and clients.
About HFF: HFF and its affiliates operate out of 26 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.