PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing totaling $10.525 million for two Walnut Creek, California, apartment communities, Vista Terrace and Oak Terrace.
HFF worked exclusively on behalf of the borrower, PTLA Real Estate Group, to arrange financing in two separate transactions for the properties through a national bank lender. Both properties are secured by seven-year, fixed-rate loans.
Vista Terrace is located at 1355 Mount Pisgah Road just east of numerous retail, dining and entertainment amenities in downtown Walnut Creek. The property is also convenient to nearby transit options, including Interstate 680 and the Walnut Creek BART station. The 40-unit property offers a mix of one-, two- and three-bedroom floor plans. In addition to its prime location, Vista Terrace offers amenities, including a landscaped courtyard, private balconies, stainless steel appliances and newly renovated designer interiors.
Oak Terrace is located one mile west of Vista Terrace at 1414 Oakland Boulevard. The property is just east of Interstate 680 and to the south of the Walnut Creek BART station. The property has eight two-bedroom units averaging 750 square feet each. The property was most recently renovated in 2016 and was 100 percent leased as of closing.
HFF’s debt placement team representing the borrower was led by senior managing director Tom Wilson and director Chris Gandy.
About PTLA Real Estate Group: PTLA Real Estate Group is a licensed California real estate firm specializing in multifamily and commercial income-producing properties. PTLA is focused on market segments that offer growth over the long-term. Its management team has over 100 years of experience in real estate investment, development, management and finance. For more information, please visit www.ptlareg.com
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. HF, 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.