CHICAGO, IL – HFF announced today that it has secured $26.5 million in financing for Summermill at Falls River, a 320-unit, Class-A garden-style multi-housing community in Raleigh, North Carolina.
HFF worked on behalf of the borrower, Banner Apartments, LLC, to secure a seven-year, full-term, interest-only 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. HFF is also servicing the securitized loan.
Summermill at Falls River is situated approximately 12 miles northeast of downtown Raleigh at 10311 Fall Mills Drive and offers nearby access to Highway 1 and Interstate 540. Completed in 2002, the property includes one-, two- and three-bedroom units averaging 1,095 square feet. Community amenities include a swimming pool, state-of-the-art fitness center, children’s playground, business center and access to walking trails at the Annie Louise Wilkerson, MD Nature Preserve Park. The property is 96 percent leased.
The HFF team was led by managing director Matthew Schoenfeldt, associate director Jason Bond and real estate analyst Jimmy Conley with assistance from senior managing director Travis Anderson, co-head of HFF’s Charlotte office.
Banner Apartments, LLC and its affiliates (“Banner”) is a fully integrated real estate operating company based in Northbrook, Illinois that focuses on the acquisition, management and development of multifamily properties in select Midwest and Sun Belt markets. Since its founding in 1989, Banner has acquired and operated 43 multifamily properties totaling more than 9,200 units. The current portfolio consists of more than 6,500 units, valued at approximately $600 million.
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.