Printer-friendly version MIAMI, FL – August 15, 2014 - HFF announced today that it has arranged $29 million in financing for Summer Palms, a 340-unit, garden-style multi-housing community in Riverview, Florida.
HFF worked on behalf of the borrower, an entity controlled and managed by Beachwold Residential, to secure the 36-month, bridge/acquisition loan through GE Capital Real Estate.
Summer Palms is located at 10220 Summer Palm Drive between Interstate 75 and U.S. Highway 301 near Big Bend Road in Riverview, approximately 20 miles southeast of downtown Tampa. Completed in 2001, the property is 95 percent leased and includes one-, two-, three- and four-bedroom floor plans averaging 1,142 square feet each. Community amenities include a swimming pool, fitness center and clubhouse with social area. The borrower is further enhancing the asset to take advantage of the upcoming increase in local demand once the St. Joseph’s Hospital South, a new $225 million hospital, opens in 2015 across the street from the asset.
The HFF debt placement team representing Beachwold was led by senior managing director Mona Carlton, managing director Elliott Throne, associate director Todd Adams, real estate analyst Maxx Carney, as well as director Michael Tabor, who is based in HFF’s local Tampa office.
“Beachwold has been finding strong value-add opportunities to buy in the Florida market and has repositioned them with great success,” stated Throne. “On Summer Palms, they were able to take advantage of a very aggressive bridge financing market where the cost of capital keeps decreasing and the overall terms keep getting more favorable for borrowers. The loan from GE will allow them to offer a great updated product for both existing residents and new residents who are coming into the market due to the arrival of the area’s new hospital.”
Beachwold Residential and its principals have built, owned and managed multifamily properties for 40 years. Through the company’s vast operational and ownership experience, in depth knowledge of its target markets and long-lasting relationships with brokers, lenders and property managers, Beachwold Residential is able to identify and acquire undervalued assets that offer superior long-term returns and lower than average risk. The company presently controls more than 40 properties and more than 10,000 multifamily units in Connecticut, Texas, Florida, Louisiana, New Jersey, Maryland, Tennessee and Virginia.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.