Wednesday, September 29, 2010

HFF arranges refinancing totaling $109 million on behalf of Cornerstone Real Estate Advisers

 BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged refinancing totaling $109 million for two Class A multi-housing communities on behalf of Cornerstone Real Estate Advisers.

 The properties, Pacific Place Apartments (top left photo) and Glenview House Apartments, (bottom right photo) are respectively located in Los Angeles, California and Stamford, Connecticut.

HFF senior managing director Dana Brome (top right photo), director Tina Derderian (middle left photo) and senior real estate analyst Carlos Febres-Mazzei secured a five-year, fixed-rate loan through MetLife Real Estate Investments for the Los Angeles property.  Loan proceeds took out an existing construction loan on the property.

 Brome and Febres-Mazzei placed a floating-rate loan for Glenview House Apartments through Freddie Mac’s capped adjustable-rate mortgage program.  Loan proceeds are also refinancing a construction loan.  HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program. 

Pacific Place Apartments is located at 5211 Pacific Concourse Drive in the Del Aire neighborhood of Los Angeles, close to Los Angeles International Airport, Interstates 405 and 105 and Pacific Beach. 

 Completed in 2008, the 96% leased property has two, four-story buildings with 430 studio, one-, two- and three-bedroom units averaging 900 square feet each. 

Community amenities include two swimming pools, barbeque pits, a fitness center, business center, media center, clubhouse, lounge and underground parking.

Located at 25 Glenbrook Road, Glenview House Apartments is within walking distance of Stamford’s central business district and close to mass transit via the New York MTA Metronorth railway, Amtrak and Interstate 95.

 The four-story property was completed in 2008 and has 146 residential units (14 are below market-rate) and 14,820 square feet of ground-floor retail space that is leased to Walgreens. 

 Glenview House Apartment is 99% occupied.  Residents have access to amenities including a business center, fitness center and resort-style pool.

Cornerstone Real Estate Advisers had over (US) $30 billion in assets managed or serviced as of June 30, 2010, and is one of the world’s largest global real estate investment organizations with capabilities in public and private debt and equity.

Dana e. Brome, HFF Senior Managing Director, (617) 338-0990,
                                                                                                                        Kristen M. Murphy, Associate Director, Marketing, (713) 852-3500,            

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