BRADENTON, FL - Holliday Fenoglio Fowler announced the $110.5 million sale of and $76 million acquisition financing for Carlton Arms of Bradenton, a 900-unit, garden-style apartment community in Bradenton, Florida.
The HFF team marketed the property on behalf of the seller, a joint venture between The Mahaffey Apartment Company and Brighthouse Life Insurance Company. MetLife Investment Management advised Brighthouse on this investment. FLF Holdings purchased the offering free and clear of existing debt. Additionally, HFF worked on behalf of the new owner to secure the 10-year, fixed-rate 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.
Built in 1980, Carlton Arms of Bradenton has been owned and managed by The Mahaffey Apartment Company for 38 years. The property is located on a peninsula overlooking the Braden and Manatee Rivers at 5200 Riverfront Drive, and is one of the only waterfront multi-housing rental communities in the Sarasota/Bradenton MSA.
The property comprises a variety of efficiency, studio, one-, two- and three-bedroom floor plans averaging 880 square feet with a majority of the units featuring water views and large outdoor patios or balconies. Carlton Arms also features 12,519 square feet of 100-percent-leased retail space. Community amenities include two waterfront pools, two lighted tennis courts, two basketball courts, two clubhouses, a fitness room, on-site dog park, four guest suites for visitors, covered parking and five boat docks containing 50 boat slips. The residential units are 99.7 percent occupied.
The HFF investment advisory team included senior managing director Matt Mitchell and director Zach Nolan.
HFF’s debt placement team consisted of managing director Elliott Throne.
“The borrower benefitted from a very aggressive Freddie Mac financing structure within the Green Up program that will allow them to effectively execute their renovation strategy on an asset that provides a truly unique waterfront lifestyle to its residents,” Throne said.
Source: Holliday Fenoglio Fowler / #Multifamily #Apartments