MIAMI, FL - HFF announced today that it has arranged $23.5 million in financing for Planation Colony Apartments, a 256-unit multi-housing community in Plantation, Florida.
HFF worked exclusively on behalf of the borrower to secure the seven-year, fixed-rate loan through Western National Life Insurance Company. Loan proceeds were used to recapitalize the property.
Plantation Colony Apartments, located at 8210 SW 12th Street near Interstate 595 and Pine Island Road, is adjacent to the Cornerstone Corporate Park and Crossroads Business Park about 12 miles west of downtown Fort Lauderdale. The property, which recently underwent unit renovations and common area upgrades, has one- and two-bedroom units and is 95 percent leased. Residents have access to two pools, two lighted tennis courts, a computer lab, car care center, fitness center, playground and dog park.
The HFF team representing the borrower was led by senior managing director Paul Stasaitis.
“The desirability of the property’s location and the owner’s attention to property improvements contributed greatly to the very long history of high occupancy at the property,” said Stasaitis. “This only expanded the level of lender interest, and in this case a life company execution was the most compelling choice.”
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 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, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com