SEATTLE, WA – Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for The MARQ on Martin, a newly completed, 248-unit garden-style multi-housing community in Lacey, Washington.
The HFF team worked on behalf of Security Properties to secure the 10-year, fixed-rate loan with five years of interest only through Freddie Mac’s CME – Lease-Up 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.
The MARQ on Martin comprises studio, one- and two-bedroom apartment homes featuring modern finishes and amenities, including stainless steel appliances, in-unit washers and dryers, and walk-in closets. In addition, common area amenities include a swimming pool, spa, sundeck and lounging area, courtyard with fire pit and ping pong, outdoor dining and grilling area, 24-hour fitness center, clubhouse with fireplace and billiards and entertainment kitchen. Completed earlier this year, the community is located at 8545 Litt Drive SE to the south of Interstate 5 and approximately eight miles northeast of Olympia’s CBD.
The HFF debt placement team representing the borrower included senior managing director Charles Halladay, director Scott Gilson and analyst Robert Bova.
“This deal qualified for Freddie Mac’s Lease-Up Program, which is a very competitive product in the market,” Gilson said. “This loan structure allowed the borrower to close on the acquisition with an aggressive rate prior to the property reaching stabilization.”
About Security Properties: Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 49 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 88,000 residential units at a cost of over $6.4 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit securityproperties.com
About Security Properties Residential: Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for 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.