WASHINGTON, DC - Holliday Fenoglio Fowler, L.P. (HFF) announces the $30.15 million refinancing for The Henry, a 169-unit, luxury garden-style multi-housing community in the Rockland County community of Pomona, New York.
HFF worked exclusively on behalf of the borrower, Spirit Investment Partners and The Bascom Group, to secure the three-year, floating-rate loan through Ares Management, L.P. Loan proceeds were used to retire existing debt on the property.
The Henry is situated on 12.1 acres at One Crystal Hill Drive in Pomona proximate to Rockland County’s major economic drivers, including Pfizer, Verizon Wireless, Avon Products and Bloomberg. In addition, the property is accessible to multiple surrounding employment bases in Westchester County, West Point, White Plains, Stamford and New York City. Originally constructed in 2001, the property has undergone a full renovation during the past four years and offers best-in-class amenities, including a 5,000-square-foot community lounge with billiard and arcade room; community garden; heated outdoor swimming pool and state-of-the-art fitness center with indoor and outdoor basketball courts. Units average 1,265 square feet and feature one- and two-bedroom townhome and loft-style floor plans with quartz countertops, subway tile backsplashes, Whirlpool stainless steel appliances, full-size washers and dryers, central air conditioning, private terraces/balconies/patios, personal intrusion alarm systems, faux wood flooring, and detached garages or direct-access parking.
The HFF team representing the borrower included Jamie Leachman and Nicole Brickhouse.
“Spirit and Bascom have repositioned The Henry to top-of-the-market quality,” Leachman said. “The financing opportunity generated significant interest and multiple term sheets, which will allow Spirit and Bascom to continue to extract value from the property for several more years.”
Spirit Investment Partners: Spirit Investment Partners (Spirit) is a Stamford, Connecticut-based real estate investment company focused on acquiring transitional residential properties in primary and top secondary markets across the eastern half of the United States. Spirit has completed $450 million in transactions, including $48 million in renovations across 15 properties and over 3,000 units.
The Bascom Group: Bascom is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed multifamily transactions totaling over $13 billion since its formation in 1996. Total transaction volume includes the acquisition of 306 communities, comprising 80,202 units, for an aggregate acquisition cost of $7.6 billion and the disposition of over 200 communities, for an aggregate sales price of over $5.4 billion. Bascom currently owns and operates a portfolio of 83 multifamily communities, totaling 19,898 units, in thirteen states. Bascom has completed $866 million in renovations on 306 individual properties. In the aggregate, the actual completed renovation costs for the portfolio were slightly below the original planned budgets.
About Ares Management, L.P. Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $104 billion of assets under management as of June 30, 2017 and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit aresmgmt.com.
About HFF: HFF and its affiliates operate out of 25 offices and are 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.