Search
 

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 Triad Group of Boston brokered the sale of these two properties.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.