Mid Atlantic Real Estate Journal — Financial Digest — November 8 - 21, 2013 — B
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L ender ’ s D irectory
lexandria, VA — HFF has arranged $52 million in financ- HFF arranges $40 million bridge loan for Abitare Apartments in suburban Philadelphia HFF secures $52 million financing for Audubon Estates in Alexandria, Virginia A
ing for Audubon Estates, a 701-home site manufactured home community in Alexan- dria, VA. HFF worked on behalf of the borrower, Hometown America, to secure the 10- year, fixed-rate loan through a correspondent life insur- ance company lender. HFF will also service the loan. The all-ages communi- ty is 99.9 percent occupied with amenities including 11 playgrounds, various sport courts, laundry facilities, picnic areas, and on-site RV and boat storage. The HFF team represent- ing the borrower was led by director Zach Koucos . “We have seen tremen- dous competition this year amongst our life insurance company correspondents for great manufactured hous- ing assets such as Audubon Estates,” Koucos said. “We were pleased with how competitive the quotes were that we received through HFF’s efforts. This is a clear indication that lenders are bullish on high-quality man- ufactured housing commu- nities located in desirable markets. It was also great to find partners through our relationship with HFF that appreciated the long-term stability of the cash flow gen- erated by the community,” said Doug Minahan, VP of Hometown America. Voorhees, NJ — HFF announced that it has ar- ranged a bridge loan for Abi- tare Apartments, a 353-unit, nine-building, multi-housing community in Voorhees, NJ, a suburb of Philadelphia. HFF represented Lowe En- terprises Investors on behalf of one of its pension fund clients to secure the three- year, floating rate loan with Capital One Bank . Loan proceeds will be used to retire existing financing, purchase a ground lease, and complete the conversion of previously planned condominium units at the property to rental units. The HFF team represent- ing Lowe Enterprises Inves- tors and its client was led by managing director Jim Cadranell and associate di- rector Michael Lachs . n
Audubon Estates
Abitare Apartments
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