DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $27 million refinancing for SpringBrook Apartments, a 361-unit, garden-style multi-housing community in the northern Minneapolis suburb of Fridley, Minnesota.
HFF worked on behalf of the borrower, University Avenue Associates LLP, to secure the 25-year, fully amortizing, 3.61 percent fixed-rate loan through a correspondent life insurance company lender.
SpringBrook Apartments is located at 111 83rd Avenue NE in Fridley. Approximately five miles north of Minneapolis, the property is accessible to the Twin Cities metropolitan area via nearby State Highways 47 and 65 and Interstates 610 and 694. The property comprises nine, three-story apartment buildings and one, single-story townhome building with units averaging 1,019 square feet. Community amenities include an outdoor and indoor swimming pool, hot tub, sauna, 24-hour fitness center, tennis courts, volleyball courts, basketball courts, horse shoe courts, putting green, clubhouse, party room, game room, playground, ponds with fountains and access to nature trails. SpringBrook Apartments was 100 percent occupied as of year-end 2016.
The HFF debt placement team representing the borrower was led by associate director Brock Yaffe.
“The HFF team delivered the product that matched our group's requirements for this core holding,” stated a representative from University Avenue Associates LLP. “HFF’s service – from the initial number crunching, to marketing and negotiations, through closing – was top notch.”
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.