WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces the $18.754 million acquisition financing for Meadow View Townhomes, a 400-unit, garden-style apartment community in Newport News, Virginia.
HFF worked on behalf of the borrower, Brick Lane and Red Starr Investments, to secure the 10-year, fixed-rate acquisition 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.
Meadow View Townhomes is a 77-building property comprising a variety of one, two-, three- and four-bedroom units totaling 345,660 square feet. Fully renovated in 2017, the property is situated on 26.17 acres at 4801 Marshall Avenue just off Hampton Roads Beltway (Interstate 664) and a short distance from major employment drivers, including Langley Air Force Base and the Newport News Shipyard, as well as the Coliseum Central commercial corridor. Additional commercial projects in the surrounding area such as downtown Norfolk’s Waterside District and the Norfolk Premium Outlets are also underway and will enhance the community’s accessibility. On-site amenities include two laundry facilities in addition to in-unit washer and dryer hookups in each unit, a clubhouse, playground and on-site parking.
The HFF debt placement team representing the borrower included Jamie Leachman and Nicole Brickhouse.
“We are thrilled to have the opportunity to assist Brick Lane and Red Starr in capitalizing their strategic acquisition of Meadow View Townhomes,” Leachman said. “This is Brick Lane’s fourth acquisition – and its first with Red Starr – in the Tide Water market in the last five months and this continues to build on their platform within the market of creating value within the workforce housing segment.”
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 1.2 million square feet of apartment and mixed-use projects in Washington, D.C., Virginia and Maryland. In addition to developing mixed-use projects around the DC 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 Red Starr Investments
Founded in 2011 by Jared Starr and William Rukin, Red Starr Investments is focused on making opportunistic real estate investments as an operator or capital provider in the United States and Puerto Rico. Red Starr seeks to invest at all levels of the capital stack from high yield senior loans to common equity in order to achieve out sized, risk adjusted returns. Red Starr Investments US invests both debt and equity with best-in-class strategic operating partners in order to recapitalize or acquire real estate across various asset classes in the U.S. Red Starr provides its JV partners and borrowers with the capital required to take advantage of value add opportunities where active management or an adjustment of basis results in out sized returns.
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.