News: Finance

Kavanau and Wittmann of Holliday Fenoglio Fowler arrange $100 million on behalf of RREEF

According to the Chicago and Boston offices of Holliday Fenoglio Fowler, L.P. (HFF), they have secured $100 million in financing for a four-property multi-housing portfolio in Massachusetts, Minnesota and Missouri. Working exclusively on behalf of RREEF, HFF senior managing directors Mike Kavanau and Fred Wittmann placed the four loans with Freddie Mac (Federal Home Loan Mortgage Corp.). Three of the loans are part of the Freddie Mac CME program and one is part of the Freddie Mac Capped ARM program. The portfolio totals 1,617 units and has an average occupancy of 95%. Individual property details and loan amounts are listed below: * Jefferson at Dedham Station: Property is located at 1000 Presidents Way, contains 300 units and is 95% occupied. A $31.05 million, fixed-rate loan was placed with a10 year term. * The Gates of Carlson Center is located at 300 Carlson Pwy in Minnetonka, MN. The property contains 435 units and is 92% occupied. A $23.7 million, fixed-rate loan was placed with a 10-year term. * Fountain View on the Plaza is located at 4800 Oak St. in Kansas City Mo. The property contains 396 units and is 96% occupied. A $27.48 million, fixed-rate loan was placed with a seven-year term. * Villages of Bogey Hills is located at 2200 Lake Ct. in Saint Charles, Mo. The property contains 486 units and is 95% occupied. A $17.7 million, floating-rate loan was placed with a term of seven years. HFF operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales and commercial loan servicing.
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Are appraisers on the same page as the assessor? - by Richard Seman

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
Massachusetts real estate transfers  over $1 million face new tax rules as of November 1st - by Daniel Meyer

Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
The focus on price per s/f compared to the  comparable sales used in the appraisal report - by Dennis Chanski

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property