HFF Announces Sale of and Financing for 2-Property Apartment Portfolio in Philadelphia
PHILADELPHIA--(BUSINESS WIRE)--Aug 8, 2018--Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and financing for a two-property, transit-oriented apartment portfolio totaling 821 units in the historic Chestnut Hill submarket of Philadelphia, Pennsylvania.
The HFF team marketed the portfolio on behalf of the seller. Goldman Sachs Asset Management Private Real Estate (GSAM PRE) purchased the offering free and clear of existing financing. Additionally, HFF’s debt placement team worked on the new owner’s behalf to procure a 10-year, fixed-rate acquisition loan through TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA).
The properties included in the offering are Chestnut Hill Village and Blossom Row. The properties, which were bifurcated in 2017, are situated on a total of 45 acres surrounding Market Square, an ACME Grocer-anchored shopping center, and adjacent to the Wyndmoor SEPTA regional rail station. Chestnut Hill Village comprises 704 units within 23 two- and three-story buildings. Blossom Row encompasses 117 private-entry, two-story townhomes, which include fenced-in backyards and finished basements. Residents have access to best-in-class amenities, which are highlighted by a community pool and a recently constructed clubhouse with fitness center. The portfolio is 96 percent occupied overall.
The HFF investment advisory team representing the seller included senior managing directors Mark Thomson and Jose Cruz, senior director Carl Fiebig and director Fran Coyne.
HFF’s debt placement team representing the new owner consisted of managing directors Ryan Ade and Campbell Roche and director Michael Pagniucci.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180808005694/en/
MARK THOMSON, (484) 532-4200
PA Lic. #RS292417
HFF Senior Managing Director
RYAN ADE, (484) 532-4200
PA Lic. #RS291698
HFF Managing Director
OLIVIA HENNESSEY, (713) 852-3500
HFF Public Relations Specialist
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
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PUB: 08/08/2018 04:17 PM/DISC: 08/08/2018 04:17 PM