TAMPA-In yet another sign that capital is flowing back into the multifamily sector, HFF arranged a $38-million refinancing through Freddie Mac for The Addison and Courtney Trace Apartments in Brandon. HFF worked for a partnership between Case Pomeroy Properties and ContraVest to secure two seven-year securitized loans to refinance construction loans originated when the properties were developed in 2006 and 2007.
Both with interest rates below 5%, the loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. HFF Director Elliott Throne and Managing Director Jim Cadranell represented the borrower. HFF could not immediately be reached for comment on the deal, but Carey Stiss, an attorney at Bilzin Sumberg, tells GlobeSt.com that multifamily projects that are performing are finding Freddie Mac financing easy to come by.
“Freddie Mac has been very active recently and even before some of the other lending sources opened up again,” Stiss says. “Despite the fact that other lending sources have become available, Freddie Mac is still one of the better bets.”
Case in point, Stiss says he is currently working on another Freddie Mac refinancing deal for a client that owns an apartment complex in South Florida. This client, he says, has access to many other lending sources but has determined the Freddie Mac program offers better pricing than other lenders. Stiss is confident HFF ran into a similar situation in the Case Pomeroy/ContraVest deal.
The Addison and Courtney Trace are located at 2516 Annapolis Way and 1131 Courtney Trace Drive, respectively. That’s close to the Westfield Brandon Mall, Interstate 75 and the Lee Roy Selmon Expressway. Both communities feature one-, two- and three-bedroom units and community amenities such as a fitness center with towel service, resort-style pool, tanning studio, sundeck area with grills, pet walk and care stations, and the security of a gated community.
“Multifamily is one of the few products that purchasers are actively seeking and, in fact, it seems to be the most active product out there,” Stiss says. “All in all people have to live some place and I think that’s why multifamily continues to lead the way and Freddie Mac continues to be very active, at least until such time that Congress decides otherwise.”
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