PHILADELPHIA, PA – HFF announced today that it has closed the sale of and arranged joint venture equity and acquisition financing for Riverwalk at Millennium, a 375-unit Class A multi-housing community in Conshohocken, Pennsylvania.
HFF marketed the property on behalf of the seller, Riverwalk Realty Company, Inc. A joint venture arranged by HFF between Scully Company and Long Wharf Real Estate Partners LLC purchased the asset. Additionally, HFF worked on behalf of the buyer to place the 10-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Riverwalk at Millennium is situated on 7.89 acres at 309 Washington Street in Conshohocken, a suburb northwest of Philadelphia that borders the Schuylkill River. The SEPTA Regional Rail line is a short walk away, and Center City Philadelphia is approximately 20 minutes from the transit-oriented property. Directly behind the property is the Schuylkill River Trail, which is used for running and biking along the river between Valley Forge and Center City. The four-story buildings sit above single-story parking garages and are composed of 239 one- and 136 two-bedroom units averaging 923 square feet. Originally constructed in 2005, 189 units were rebuilt in 2010 after a construction fire at an adjacent property burned down two of the property’s four buildings. Community amenities include a clubhouse with fireplace, billiards and pub room, a resort-style outdoor pool with sundeck, river views, fitness center and business center with conference facilities.
The HFF investment sales team representing the seller was led by senior managing directors Mark Thomson, Zac Pierce and Jose Cruz and managing director Kevin O’Hearn.
HFF’s debt and equity placement team was led by senior managing director Jim Cadranell and managing directors Ryan Ade and James Conley.
“Riverwalk at Millennium presented the opportunity for HFF to demonstrate the strength of its capital markets platform from its new office in Philadelphia,” Thomson said. “From day one, HFF placed the best team on the assignment to benefit the client and maximize proceeds.”
“Jim Cadranell and Ryan Ade used the depth of their relationships with various lending sources to help push proceeds for our client,” Cruz added. “With the abundance of liquidity in the capital markets, there was a wealth of competition for an asset that checks most boxes, including core-plus and value-add.”
With more than sixty years in the industry, Scully Company specializes in multifamily real estate in both ownership and management capacities, currently managing thousands of units consisting of large-scale garden, mid-rise and high-rise apartment communities for institutions, private investors and their own portfolio in Florida, Pennsylvania, New Jersey and Connecticut. Operating in diverse locations with a keen focus on strategies specific to local markets, Scully Company has achieved recognition as a leader in the multifamily industry.
Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Investing on behalf of institutional clients including corporate and public pension funds, endowments, foundations and family offices, Long Wharf utilizes a broad-based value-added strategy targeting opportunities in multiple property sectors and markets across the country. Including its experience prior to becoming an independent firm in 2011, Long Wharf has invested nearly $2.7 billion of equity in more than 200 properties across the U.S. since 1995.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.