DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announces $22 million in financing for Coral Falls, a 190-unit, garden-style multi-housing community in Coral Springs, Florida.
The HFF team worked on behalf of CF Partners, Ltd. and Iron River Management, LLC to secure the seven-year, 4.47 percent, fixed-rate, interest-only 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 are being used to replace a floating-rate loan the HFF team arranged on the owner’s behalf in 2015.
Coral Falls is located at 2801 NW 91st Street in Coral Springs providing access to Boca Raton to the north and Fort Lauderdale and Miami to the south. The 99-percent-leased asset has a mix of newly renovated one- and two-bedroom floor plans averaging 1,029 square feet each. Community amenities include a swimming pool with sundeck, brand new fitness center, picnic areas, tennis court, playground and car wash station.
The HFF debt placement team representing the borrower included managing directors Josh Simon and Elliott Throne.
“Our goal with Coral Falls has always been to hold long-term, maintain our presence in the market, and maximize our cash flow,” said Jonathan Ringham, President of Southshire, the general partner of CF Partners Ltd., and owner of Iron River Management, LLC. “The HFF team has always understood this and provided the necessary guidance to achieving our long-term goals. The placement of this debt allows us to continue our history of success with this property.”
About Iron River Management, LLC: Iron River Management, LLC has been involved in the ownership, management and development of multifamily residential real estate since the early 1970’s. With over forty years of experience, Iron River has grown and diversified its operations into separate affiliated entities that concentrate their expertise in the fields of property management, property acquisition and property development. As of 2018, the company owns four properties, totaling over 1,000 multifamily units, with an estimated market value of over $200 million.
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.