IRVINE, CA - HFF announced today that it has arranged a $26 million refinancing for Rosewood Park Apartments, a 900-unit multi-housing community in Reno, Nevada.
HFF worked on behalf of the borrower, Buff Management, to secure the five-year, fixed-rate loan through AIG Asset Management. Loan proceeds replaced an existing financing that matured in September. HFF will also service the loan.
Rosewood Park Apartments is situated on 38.13 acres at 4500 Mira Loma Drive near the Reno/Tahoe International Airport in southeast Reno. The property has 112 buildings with one-, two- and three-bedroom units averaging 833 square feet each. Community amenities include four pools, four lighted tennis courts, four basketball courts, two spas, a fitness center, volleyball court and on-site laundry. Rosewood Park Apartments is 86 percent leased.
The HFF team representing Buff Management was led by managing director David Bleiweiss and associate director Greg Brown.
“With our life company correspondent relationships, we were able to secure an attractive fixed-rate loan on the largest apartment project in the Reno market, on an asset that had only recently stabilized and in a market that has been doing the same,” said Bleiwess.
Buff Management manages a portfolio of approximately 3,500 units in Southern California, Reno, Las Vegas and San Antonio.
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