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HFF Helps Secure $72M Loan for MF Properties

BOSTON-Holliday Fenoglio Fowler helped arrange the fixed-rate, long-term loan for TJAC International to purchase two multifamily properties in London.

By Ryan Clark | Updated on August 14, 2009

BOSTON-Holliday Fenoglio Fowler L.P. is helping arrange a $72-million loan for TJAC International for two multifamily properties in London. The fixed-rate, long-term loan is being acquired through CTL Capital LLC for the borrower. HFF would not disclose the other terms of the loan.

The Central London properties are Byron Court at 24-36 Mecklenburgh Sq. and 74-76 Builford St. The Byron Court is five stories with 53 units, while the vacant Guilford Street property is planned to have 19 residential flats. The loan will be used for renovation of the properties, which have not been updated since the 1960s.

The Byron property is well-leased, but the tenants will be moved out upon the end of their current leases, either monthly or single-year length, according to Anthony Cutone, director at HFF. He tells GlobeSt.com that TJAC plans to use the loan as a combination of purchasing and renovation capital, planning to lease-up the buildings upon completion.

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