TALLAHASSEE, FL-HFF has been busy in recent weeks securing financing for multifamily properties across the South. From Tallahassee to Atlanta and from Raleigh to Texas, HFF is demonstrating that the capital markets are willing to bet on stable multifamily deals.
HFF placed a $17.8 million financing with Freddie Mac for Delaney Park at Southwood, a 248-unit, class A multihousing community in Tallahassee. HFF worked on behalf of Winter Park-based Epoch Properties to secure the seven-year, fixed-rate loan through Freddie Mac’s Early Rate Lock Capital Markets Execution Program. The securitized loan has a rate below 5%. HFF director Elliott Throne and senior real estate analyst Todd Adams worked the deal.
“Epoch took advantage of the current low interest rate environment and paid off their original construction loan with a new permanent loan that had terms only Freddie Mac could offer,” says Throne. “They now have an attractive low interest rate long-term financing that can be assumed by a new buyer if they choose to sell the asset in the future.”
Delaney Park at Southwood is adjacent to SR 251 in Tallahassee about 3.7 miles from the Florida State capitol. Epoch completed the development in 2007 and has managed the property since then. The project includes 12 residential buildings that are 95% leased.
HFF also announced it has secured $128 million in financing for an eight-property, 2,407-unit multihousing portfolio located in the metropolitan areas of Atlanta, Raleigh, Dallas and Houston. HFF worked exclusively on behalf of MAA to place the 10-year, 5.08% fixed-rate loan with New York Life Insurance Company. Loan proceeds are paying off an existing facility.
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