Holliday Fenoglio Fowler, L.P. (HFF) announces the $35 million refinancing for Overlook Pointe, a 249-unit, Class A multi-housing community in Pompano Beach, Florida.
The HFF team worked on behalf of the borrower, M-M Properties and its institutional partner, to secure the three-year, floating-rate loan with two one-year extension options through a life company. Loan proceeds were used to retire the existing construction financing.
Overlook Pointe is located at 4611 N. Federal Highway in Pompano Beach, a seaside city approximately 35 miles between Miami and West Palm Beach. The property offers visibility along U.S. Highway 1, a major north-south thoroughfare east of Interstate 95, and is five miles south of downtown Boca Raton and 12 miles north of Fort Lauderdale. Completed in 2015, Overlook Pointe consists of units with features such as stainless steel appliances, granite countertops, spacious closets, garden tubs, in-unit washers and dryers, and patios or balconies. Community amenities include a swimming pool, grilling area, rooftop amenity deck with water feature, fitness center with aerobic center, playground, game room, billiards and coffee bar.
The HFF debt placement team representing the borrower included senior managing director John Brownlee and managing director Elliott Throne.
About M-M Properties
M-M Properties is a privately held real estate investment firm headquartered in Houston, Texas, that seeks to provide exceptional risk-adjusted returns to its investors through superior execution of carefully developed strategies. M-M Properties’ team has deep experience throughout real estate market cycles and multiple project phases including acquisition, disposition, recapitalization, development, and investment management across a broad range of property types and within all major U.S. markets. Senior management has extensive transactional experience and ownership history with numerous institutional partners during their tenures at M-M Properties as well as previous public and private real estate investment companies. The company or its principals have engaged in real estate investment activities on behalf of investors, partners or for its own account across a portfolio of assets that has included 38 million square feet of office projects and over 19,000 multifamily units with a cumulative transaction volume in excess of $10 billion. M-M Properties’ current assets under management total approximately $1.25 billion owned in separate joint ventures with several institutional investment partners and includes 4.8 million square feet of office properties that are self-managed. Additional information may be found on the company’s website at www.mmprop.com.
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 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.