WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces joint venture equity and debt financing totaling $26.031 million for the acquisition of Falling Creek Apartments, a 348-unit apartment community in the North Chesterfield submarket of Richmond, Virginia.
The HFF team worked on behalf of Brick Lane to arrange $6.696 million in joint venture equity through National Property REIT Corporation (NPRC). This transaction represents the first partnership between Brick lane and NPRC. In addition, the HFF team worked on behalf of the new partnership to secure a $19.335 million, 12-year, fixed-rate loan through Freddie Mac’s CME Program, which funded the remainder of the acquisition costs. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Falling Creek Apartments is located at 2530 Marina Drive just off Route 301 in North Chesterfield, which positions the community within minutes of Interstates 95 and 295 and Highway 288. The property is situated within the Chesterfield County school district and is less than 10 miles south of downtown Richmond. Falling Creek Apartments consists of 31 two-story buildings encompassing a mix of studio, one- and two-bedroom townhome and flat-style units.
The HFF debt and equity placement team representing the borrower consisted of Jamie Leachman.
“Falling Creek aligns with the core strategy of both Brick Lane and NPRC, both of which seek well-located properties that can benefit from institutional ownership and operations,” Leachman said. “It was a privilege to bring together both groups and assist in their continued success.”
About Brick Lane: Brick Lane is a real estate development and investment firm that was established in 2010 to capitalize on the strength and expansion of the Mid-Atlantic multi-housing and condominium markets. Brick Lane has acquired, delivered or is under development on more than 1.5 million square feet of apartment and mixed-use projects in Washington, D.C., Virginia, Maryland and South Carolina. In addition to developing mixed-use projects around the D.C. metropolitan area, Brick Lane actively searches for stabilized apartment building acquisitions in the Mid-Atlantic in markets with strong, diversified economies and healthy tenant bases.
About National Property REIT Corporation: NPRC is an equity investor in joint ventures with established property managers in multifamily properties throughout the Mid-Atlantic, Southeast, Northeast and Midwest. NPRC currently owns over 40 multifamily properties totaling more than 16,000 units. In the past five months, NPRC has closed or is in contract to close over $450 million of multifamily real estate acquisitions. NPRC targets Class B assets in secondary and tertiary markets.
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.