Dealmaker: HFF Arranges $59M in Florida, California
Holliday Fenoglio Fowler, Houston, secured $41 million in construction financing for Parc3400, a 259-unit Class A multifamily property in Davie, Fla.
HFF Managing Director Elliott Throne led the debt placement team representing the borrower, a joint venture between Giles Capital Group, Rosemurgy Properties and FSG Holdings, and placed the loan with Mutual of Omaha Bank. Park Partners Residential will manage and lease the asset.
“The pairing between the developers and lender was a natural fit given their success on a recently completed project in nearby Boca Raton,” Throne said.
Due for completion in summer 2017, Parc3400 will include one-, two- and three-bedroom units adjacent to Nova Southeastern University 25 miles north of Miami.
In California, HFF secured $18 million for Sorrento Pines Business Park, a fully leased four-building business park in San Diego’s Sorrento Valley submarket.
HFF also marketed the 114,500-square-foot property for seller Parallel Capital Partners Inc. The investment sales team included HFF Senior Managing Director Nick Psyllos and Director Nick Frasco.
Webb Management & Investments LLC purchased the asset. HFF Director Greg Brown led the debt placement team that placed the 10-year fixed-rate loan with CCRE. He said HFF will service the securitized loan.
Built in 1979 and extensively renovated in 2012, Sorrento Pines Business Park is 100 percent leased to tenants including Bastyr University and Pall Corp.
Brown called the Sorrento Valley area a mature infill submarket that evolved into an innovative hub for creative office, life science and other high-end users.