Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $54.25 million in financing for the 281-unit Fountain Lake Apartments in Bradenton, Florida, and the 276-unit Sienna Bay Apartments in St. Petersburg, Florida.
HFF worked exclusively on behalf of the borrower, Beachwold Residential (“Beachwold”), to place two separate ten-year, fixed-rate loans with Goldman Sachs. The loan proceeds were used to retire existing bridge financing and return sponsor equity following a renovation/expansion program that allows the sponsor to raise rents and improve the asset’s competitive profile in the market.
Fountain Lake Apartments is located in Bradenton at 5620 Fountain Lake Circle convenient to numerous institutions of higher learning, including the Ringling College of Art and Design and the State College of Florida. The 281-unit, garden-style property was originally constructed with 201 units in 1984 with Beachwold adding an additional 80 units in 2016 after its acquisition of an adjacent five-acre site. Community amenities include a swimming pool, hot tub, grilling area, pickleball court, volleyball court, state-of-the-art fitness center, clubhouse and business center.
Sienna Bay Apartments is located approximately 36 miles north of Fountain Lake Apartments at 10501 3rd Street in St. Petersburg. The property is near the 3.2-million-square-foot Carillon Office Park, which is home to employers such as Humana, Raymond James and SunTrust Bank. Most recently renovated by Beachwold between 2015 and early 2017, community features include a swimming pool, courtyard, lighted tennis court, state-of-the-art fitness center, dog park, clubhouse and business center.
The HFF debt placement team was led by senior managing director Mona Carlton, managing director Elliott Throne and associate director Matthew Sand.
“The financing provided by Goldman Sachs highlights the fact that there is an abundance of aggressive capital available for multi-housing owners,” Throne stated. “The properties are a prime example of Beachwold’s expertise in acquiring value-add assets, where they can implement their renovation and enhancement program and then secure them with attractive long-term capital.”
About Beachwold Residential
Through its vast operational and ownership experience, in-depth knowledge of its target markets and long-lasting relationships with brokers, lenders and property managers, Beachwold Residential (Beachwold) is able to identify and acquire undervalued assets that offer superior long-term returns and lower than average risk. Beachwold presently controls more than 50 properties and more than 15,000 multifamily units in Connecticut, Texas, Florida, New Jersey, Maryland, Tennessee and Virginia.
About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
