Holliday Fenoglio Fowler has secured $220 million in financing for three Olen Properties’ apartment projects in South Florida, including the Club Lake Pointe in Coral Springs, Sanctuary Cove in Palm Beach, Weston Place in Weston and five more in Nevada, according to the South Florida Business Journal. The properties total 2,486 units and have an average occupancy of over 90 percent.
The commercial real estate provider secured eight separate fixed-rate loans through M&T Realty Capital and its use of the Fannie Mae program, the Business Journal said. The 10-year terms provided Olen with a reduced cost of capital and additional liquidity.
The HFF team representing Olen Properties was led by Senior Managing Director Don Curtis. [SFBJ]