DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $21.3 million in financing for Montclair Terrace, a 188-unit, garden-style apartment community in southwest Portland, Oregon.
HFF worked on behalf of the borrower, a REIT sponsored by Resource Real Estate, Inc. (“RRE”), to place the seven-year, floating-rate loan with 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 previously brokered the sale of the property to the borrower in an all-cash transaction that closed late last year.
Montclair Terrace is located in the affluent, infill submarket of Raleigh Hills, which is prized for its short commutes to the Portland CBD, Beaverton and Hillsboro. The opportunity exists to position the property as an affordable, well-amenitized alternative to the high cost of home ownership in the Portland market. The 20-building property has an extensive mix of studio-, one-, two- and three-bedroom floor plans. The community’s resort-style amenity package includes a swimming pool and sundeck, two fitness centers, picnic/grilling area and community garden.
The HFF debt placement team was led by senior managing director Eric Tupler and associate director Erica Christensen.
About Resource Real Estate, Inc. Resource Real Estate, Inc. (“RRE”) is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. For more than two decades, RRE and its affiliates have managed real estate assets for institutional and individual investors. RRE and its parent company have offices in New York, Los Angeles, Denver, London, Singapore, as well as its headquarters in Philadelphia and additional locations across the U.S. RRE owns and manages real estate assets with an aggregate value of approximately $4 billion and is a wholly owned subsidiary of Resource America, Inc. (NASDAQ: REXI). As of March 31, 2016, Resource America, Inc. managed $22.4 billion gross assets under management across various asset classes.
About HFF: HFF 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.