WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $13.35 million in acquisition financing for The Gates of West Bay Apartments, a 202-unit apartment community in Norfolk, Virginia.
HFF worked exclusively on behalf of the borrower, a partnership between Brick Lane and Enterprise Community Investment, Inc., acting through its conventional equity platform, to arrange the 10-year, fixed-rate loan through Freddie Mac. The loan, which includes five years of interest-only payments, will be serviced by HFF, a Freddie Mac Optigo lender for Conventional Loans.
The Gates of West Bay Apartments is located at 272 West Bay Avenue proximate to area shopping centers and major employers, as well as major thoroughfares, including Interstates 64 and 664 and Warwick Boulevard (Route 60), that provide connectivity around the Chesapeake Bay area. The community consists of 10 two-story apartment buildings totaling approximately 189,000 rentable square feet. Units feature walk-in closets and personal porches or patios. Ninety-nine percent of the units are affordable to low-income tenants whose incomes are equal to or less than 80 percent of area median income. The Gates at West Bay Apartments was nearly 95 percent leased at closing.
The HFF debt placement team representing the borrower was led by senior director Jamie Leachman.
“This is the first partnership between Brick Lane and Enterprise and HFF is pleased to have assisted the new partners with locking in extremely favorable debt terms given the current financing markets,” Leachman said. “The Gates of West Bay will be a fantastic addition to Brick Lane’s growing Tidewater portfolio, which now totals close to 1,000 units, and will allow the partnership to capitalize on the already established synergies within the market.”
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 Enterprise: Enterprise works with partners nationwide to build opportunity. Enterprise creates and advocates for affordable homes in thriving communities linked to good schools, jobs, transit and health care. Enterprise lends funds, finances development and manages and builds affordable housing, while shaping new strategies, solutions and policy. Over more than 35 years, Enterprise has created nearly 529,000 homes, invested $36 billion and touched millions of lives. Join Enterprise at enterprisecommunity.org.
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. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.