Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $45.756 million in financing for PARC3400, a 260-unit, Class A multihousing property in Davie, Florida.
HFF worked on behalf of Park Partners Residential, a joint venture between Rosemurgy Properties and Giles Capital Group, to arrange the fixed-rate loan. The loan, which closed on April 30,2019, will also be serviced by HFF. Loan proceeds were used to refinance the construction financing that HFF arranged for the development of the property in 2016.
“We are happy to offer residents an exceptionally designed project in the epicenter of Broward County that provides a luxury living experience to all of our residents,” said Alex Rosemurgy, co-managing partner of Park Partners Residential. “Beyond the location, PARC3400 offers a new level of convenience, with unique building amenities, including private office spaces, a state-of-the-art, 3,500-square-foot fitness center, dog washes and parks, as well as a resort-style pool outdoor area.”
PARC3400 offers a truly central location in South Florida. It is situated near the southwest intersection of Interstate 595 and the Florida Turnpike on an eight-acre site at 3400 Davie Road and provides residents excellent access to nearby universities and numerous surrounding retailers. The property is adjacent to Nova Southeastern University and provides quick access to Miami and Palm Beach.
Completed in 2017, the property features a resort setting with one-, two- and three-bedroom units equipped with granite countertops, stainless steel appliances, modern lighting, walk-in closets, in-unit washers and dryers, ceiling fans, impact-resistant windows and sliding doors, and private balconies and patios. Common area amenities include a resort-style swimming pool, pavilion, clubhouse, 84 bicycle parking spaces and car charging stations.
The HFF debt placement team was led by managing director Elliott Throne and director Jesse Wright.
“The owners were able to lock in an aggressive financing that will provide them advantageous, long-term cashflow as the asset continues to further strengthen in the years ahead,” Throne stated. “The luxurious amenities offered in a location that is as central as it gets made this a deal that all lenders wanted on their books.”
About Park Partners Residential
Park Partners Residential is a privately-owned developer, owner and operator of luxury multifamily apartment communities. Founded in 2015 with the intent of developing and acquiring residential real estate, the single-source and vertically integrated firm includes asset and property management, leasing, construction and renovation. Since its inception, this joint-venture partnership has acquired and developed over $300 million in multifamily real estate. Based in Boca Raton, FL, their focus includes development and value-add opportunistic acquisitions. The leadership team includes a team of executives with over 100 years of experience in managing, acquiring and developing over 25,000 units and over 1 billion dollars in commercial real estate in the Southeast Region.
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.