WASHINGTON, DC-HFF was the common denominator in two separate multifamily financings in the DC area on two ends of the lifestyle spectrum.
In one, it secured $121.6 million for the development of a luxury residential mixed-use project in Bethesda, MD. In the other, it arranged $52 million for Audubon Estates, a 701-home site manufactured home community in Alexandria, VA.
The luxury project is located at 8300 Wisconsin Ave. It will consist of 359 apartment units and a 50,000-square-foot Harris Teeter grocery store. HFF repped StonebridgeCarras in the deal, securing the construction financing through Wells Fargo Bank. Slated for completion in 2015, the nine-story building will occupy an entire city block. HFF's Sue Carras, Walter Coker and Brian Crivella led the debt placement team.
Separately, HFF secured a 10-year, fixed rate $52 million loan for Hometown America via a correspondent life insurance company lender. HFF will also service the loan.
Audubon Estates is located on an 83.73-acre site at 7930 Audubon Ave. The community is 99.9% occupied. HFF director Zach Koucos, who led the financing, reports that there has been tremendous competition among life insurance company correspondents for manufactured housing assets this year. The competitive quotes HFF received, Doug Minahan, vice president of Hometown America, says in a prepared statement are "a clear indication that lenders are bullish on high-quality manufactured housing communities located in desirable markets."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
