SEATTLE, WA – January 22, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $28.254 million in financing for Forest Hills Apartments, a 248-unit multi-housing community in Eugene, Oregon.
The HFF team worked on behalf of Horizon Realty Advisors to place the 10-year, 3.96 percent, fixed-rate, interest-only loan with Freddie Mac’s CME Program. The securitized loan has qualified for Freddie Mac’s Green program, and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to refinance existing debt.
Forest Hills Apartments is located on 12.53 acres at 3950 Goodpasture Loop approximately four miles north of downtown Eugene. The property consists of 25 two- and three-story buildings housing a mix of studio, one-, two- and three-bedroom residential units featuring vaulted ceilings, spacious decks or patios, in-unit washers and dryers and direct-access private garages. Community amenities include a swimming pool and spa, grilling area, 24-hour fitness center, clubhouse, surround sound theater, playground and access to the nearby Valley River Village bike pathways.
The HFF debt placement team representing the borrower included director Scott Gilson of HFF’s newly opened Seattle office and associate Charlie Watson.
“This deal was very competitively quoted but, ultimately, the client decided to move forward with the Freddie Mac Green Up® proposal,” Gilson said. “We were able to negotiate waivers for the guarantors, insurance escrow, replacement reserve escrow and the non-consolidation opinion. With a combination of the green pricing waiver and excellent timing on an index lock, the client was able to secure a very low interest rate for a 10-year, interest only loan.”
About Horizon Realty Advisors
Horizon Realty Advisors is an award-winning company specializing in student housing, value-add rehab and property management. The privately-held organization was established in 2001 by three Seattle-based partners. As of January 2018, the company owns and manages over 9,000 units across the United States, including over 14,400 student beds. This makes Horizon Realty Advisors the 13th largest owner of student housing in the nation according to Student Housing Business Magazine.
Horizon Realty Advisors is committed to excellence. From day one, the company’s goal has been to provide outstanding service, deliver top-quality product and hire highly competent and professional people. This winning formula has resulted in dramatic success for residents, employees and investors.
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.