HOUSTON, TX – The Houston and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured financing for Waterford at Mandarin (above centered photo), a 432-unit multi-housing community in Jacksonville, Florida.
Working exclusively on behalf of Venterra Realty, HFF directors Cortney Cole and Elliott Throne (middle right photo) placed the 10-year, 4.66% fixed-rate acquisition loan with Freddie Mac (Federal Home Loan Mortgage Corporation).
HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.
Venterra Realty purchased the property from Freddie Mac, who foreclosed on the prior owner in July 2009. The purchase price was approximately 40% lower than the prior owner paid for it in 2005.
Waterford at Mandarin is situated on a 35-acre site at 11247 San Jose Boulevard in southeast Jacksonville. The 97% leased property has 22 buildings with one-, two- and three-bedroom units averaging 1,066 square feet each.
Community amenities include two pools, lighted tennis courts, three lakes, a racquetball court, sand volleyball court, bark park, resident clubhouse, fitness center and playground.
“Waterford at Mandarin has an outstanding location within the Mandarin submarket of Jacksonville, historically one of the area’s highest performers in terms of rent and occupancy,” said Cole.
“The strength of the sponsor and the asset is further evident by Freddie Mac’s willingness to finance an asset they previously took back on REO,” added Throne.
Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets totaling over $600 million in value that generates gross annual income in excess of $80 million.
The organization has completed in excess of $1.3 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs over 350 people.
Contacts:
Cortney R. Cole, HFF Director, (713) 852-3500, ccole@hfflp.com , Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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