Printer-friendly version MIAMI, FL - July 14, 2014 – HFF announced today that it has arranged an $8.5 million refinancing for The Park at Chesterfield, a 244-unit, garden-style multi-housing community in Tampa, Florida.
HFF worked exclusively on behalf of the borrower, Blue Rock Partners, LLC, to secure the seven-year, 2.48 percent floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
The Park at Chesterfield is located at 5039 Chalet Court in northeast Tampa proximate to Busch Gardens Tampa and Adventure Island waterpark. Renovated in 2011, the property is 93 percent leased. Community amenities include two newly-renovated swimming pools, fitness center, playground, clubhouse and business center.
HFF’s debt placement team representing the borrower was led by managing director Elliott Throne and associate director Todd Adams from the firm’s Miami office as well as director Michael Tabor from the firm’s Tampa office.
“Blue Rock, like many borrowers today, strategically took advantage of the aggressive financing market that is allowing deals to secure longer terms at very low rates with flexible prepayment options,” stated Throne.
“Lenders are actively trying to capture new financings and apartment owners continue to benefit from the extremely favorable capital market we are experiencing. Even if a borrower has a loan that is maturing in the next 12 to 18 months, it’s absolutely worth exploring the economic benefits of recapitalizing the loan today to lock in great long-term financing,” continued Throne.
Blue Rock Partners, LLC is led by co-managing partners Randy X. Ferreira and Reuven Oded, and owns/manages 6,425 multi-housing units in Central Florida. The company is currently focused on building its portfolio through strategic acquisitions of value-add apartment properties with significant upside potential and has purchased more than 2,500 units in slightly more than a one-year timespan. Based in Tampa, Blue Rock Partners, LLC also provides third party accounting and management services.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.