Holliday Fenoglio Fowler, L.P. (HFF) announces $42.8 million in acquisition financing for Copper Spring, a 366-unit, garden-style multi-housing community in the sought-after West End neighborhood of Richmond, Virginia.
Working exclusively on behalf of the borrower, StoneBridge, the HFF team placed the 10-year, floating-rate loan with Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Copper Spring consists of 23 two- and three-story residential buildings, which house 212 one-bedroom and 154 two-bedroom units averaging 846 square feet. The property is situated on 29.775 acres at 3301 Copper Mill Trace across the street from a shopping center occupied by Costco, Lowe’s, Kroger and Sam’s Club, and accessible to the Richmond area’s major transportation arteries via Interstate 64. Community amenities include two resort-style pools, a lighted tennis court, racquetball court, grilling stations, playground, 24-hour fitness center, clubhouse, gaming area with shuffleboard and car wash area. The property is 97.8 percent leased.
The HFF team representing the borrower included managing director Elliott Throne and director Nicole Brickhouse.
“This transaction presented the borrower an opportunity to take advantage of the aggressive financing terms available in today’s capital markets for value-add multi-housing assets,” said Brickhouse. “We are proud to have worked with the StoneBridge team to help facilitate their first acquisition in Richmond, Virginia, where they will bring their expertise and high-quality operations to Copper Spring residents.”
About StoneBridge
Active since 1980, StoneBridge and its affiliates have acquired and developed more than $1.7 billion in real estate, primarily in the multifamily sector, for foreign and domestic investors. The company’s strong track record and extensive network of relationships allows it to quickly and efficiently identify and pursue new opportunities, many of which are off-market transactions. The company’s target markets include the Washington-Baltimore area, the Carolinas, Georgia, Florida, and Texas. It has offices in Washington, D.C. and Amsterdam. For more information, visitwww.stonebridgeinvestments.com.
About HFF
HFF and its affiliates operate out of 25 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.
