SAN DIEGO, CA - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $26.25 million in financing for Marina Village Apartments, a 240-unit apartment community in Sparks, Nevada.
HFF worked on behalf of the borrower, LandCap Investment Partners, LLC and its capital partner, Strand Corporation, to secure the loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire the property.
Marina Village Apartments is located at 350 Harbour Cove Drive in Sparks, adjacent to Reno’s central business district. The property, which overlooks Sparks Marina Park Lake, is conveniently positioned to area amenities, including the 1.2-million-square-foot Outlets at Legends, Victorian Square in downtown Sparks, The Nugget Casino Resort and Interstate 80, which provides access to the greater Reno Valley. The property features a mix of one-, two- and three-bedroom units averaging 948 square feet, and the community offers common area amenities such as a clubhouse, swimming pool, spa, fitness/wellness facility, playgrounds and business center.
The HFF debt placement team representing the borrower was led by director Zack Holderman, managing director Rob Hinckley and associate director Chris Collins.
“The financing of Marina Village Apartments by Freddie Mac is a testament to the quality and experience of the sponsorship group, having significant history in the greater Reno Valley and a clear understanding of the strong fundamentals driving the region,” added Holderman.
“This $35 million ‘off-market’ transaction had a short fuse!” said Stephen H. Hinckley, CEO of LandCap Investment Partners, LLC. “The HFF team met every challenge with a professional and solutions-oriented approach.”
About LandCap Investment Partners, LLC
LandCap Investment Partners, LLC is a boutique real estate development firm specializing in niche land and housing investment strategies that provide attractive risk adjusted returns to its principals and investors. With its in-depth investment, management and operator expertise, along with an entrepreneurial culture, LandCap is uniquely positioned to maximize selected opportunities in today’s dynamic multi-housing and investment marketplace. For more information, visit landcapip.com.
About Strand Corporation
Strand Corporation is a Vancouver, B.C.-based investment firm. Since 1976, Strand has acquired, developed or financed a portfolio of real estate assets with a combined value of over $6 billion. The company has acquired more than 75 apartment properties in the U.S. and Canada, totaling approximately 16,000 units.
About HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated 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.