HFF Sells, Finances Riverwalk at Millennium in Conshohocken

PHILADELPHIA, PA – HFF closed the sale of and arranged joint venture equity and acquisition financing for Riverwalk at Millennium, a 375-unit class A multi-housing community in Conshohocken, PA.

HFF marketed the property on behalf of the seller, Riverwalk Realty Company, Inc.  A joint venture arranged by HFF between Scully Company and Long Wharf Real Estate Partners LLC purchased the asset.  HFF also worked for the buyer to place the 10-year, floating-rate loan through Freddie Mac's CME Program.  HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.   

Riverwalk at Millennium is located on 7.89 acres at 309 Washington Street in Conshohocken, a suburb northwest of Philadelphia that borders the Schuylkill River.  The SEPTA Regional Rail line is a short walk away, and Center City Philadelphia is approximately 20 minutes from the transit-oriented property.  Directly behind the property is the Schuylkill River Trail, which is used for running and biking along the river between Valley Forge and Center City.  The four-story buildings sit above single-story parking garages and are composed of 239 one- and 136 two-bedroom units averaging 923 square feet.  Originally constructed in 2005, 189 units were rebuilt in 2010 after a construction fire at an adjacent property burned down two of the property's four buildings.  Community amenities include a clubhouse with fireplace, billiards and pub room, a resort-style outdoor pool with sundeck, river views, fitness center and business center with conference facilities.

The HFF investment sales team representing the seller was led by senior managing directors Mark Thomson, Zac Pierce and José Cruz and managing director Kevin O'Hearn.

HFF's debt and equity placement team was led by senior managing director Jim Cadranell and managing directors Ryan Ade and James Conley.

“Riverwalk at Millennium presented the opportunity for HFF to demonstrate the strength of its capital markets platform from its new office in Philadelphia,” says Thomson.  “From day one, HFF placed the best team on the assignment to benefit the client and maximize proceeds.”

“Jim Cadranell and Ryan Ade used the depth of their relationships with various lending sources to help push proceeds for our client,” says Cruz.  “With the abundance of liquidity in the capital markets, there was a wealth of competition for an asset that checks most boxes, including core-plus and value-add.”