(Carl Cronan is editor of Real Estate Florida.)
TAMPA, FL-Holliday Fenoglio Fowler LP has placed an $18.5-million loan with Freddie Mac for the 383-unit Mallory Square Apartments here. HFF's Miami and Boston offices represented the borrower, the investment management subsidiary of Connecticut General Life Insurance Co.
The seven-year, adjustable-rate loan was placed with an unidentified lender, which will also be serviced by HFF. The loan proceeds will be used to refinance a construction loan.
"Freddie Mac ultimately provided the maximum loan available in the market for a non-recourse financing," says HFF director Elliott Throne, who worked with senior managing director Fred Wittmann on the Mallory Square loan. "The day-one interest rate was in the low 4% range with a built-in cap that is not significantly higher than where fixed-rate loans are priced today."
Throne adds that the quality of the asset and strength of sponsorship were key to securing the loan. Mallory Square was completed in 2006 and is located approximately 10 miles from Downtown Tampa.
In a related note, HFF offices in New York City and Miami have been hired to market Tallahassee Mall for sale on behalf of a court-appointed receiver. The 988,000-square-foot regional mall near Interstate 10 is currently 61% occupied after the loss of two anchor stores, and the property is being offered free and clear of debt without a formal asking price.
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