IRVINE, CA - HFF announced today that it has secured $15 million in financing for Pine Valley Ranch, a 256-unit, recently-completed multi-housing community in Spokane, Washington.
Working on behalf of Wolff Company, HFF placed the 15-year, fixed-rate loan with a major institutional client represented by AEGON USA Realty Advisors, LLC. Loan proceeds paid off the construction loan and recapitalized a portion of the borrower’s equity.
Completed in 2011, Pine Valley Ranch has 11 residential buildings with one-, two- and three-bedroom units averaging 990 square feet each. Community amenities include an outdoor pool, clubhouse with full kitchen, fitness center and theatre room. The property is situated on 24 acres at Highway 27 and East Belle Terre Avenue in southeast Spokane.
The HFF team representing Wolff Company was led by managing director David Bleiweiss and associate director Greg Brown.
“Through our correspondent lender relationships, we were able to secure an attractive forward fixed-rate loan approximately six months prior to completion and final certificate of occupancy for a partially constructed asset in a secondary market. Also, because of our long-term relationship and history with the borrower, along with the due diligence we provided, the lender was able to get comfortable with the real estate and our loan request,” said Bleiweiss.
Wolff Company is a private real estate investment company that acquires, develops and operates income properties with an emphasis on multifamily assets.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer 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. www.hfflp.com