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HFF arranges loan for rental property purchase
The $22.25M loan financed the acquisition of 288 rental apartments in Port Richey
Holliday Fenoglio Fowler, L.P., (HFF) arranged $22.25 million of acquisition financing for the owner of a 288-unit, garden-style apartment complex northwest of Tampa in Port Richey.
HFF placed the 10-year, floating rate loan with Freddie Mac’s Capital Markets Execution (CME) Program on behalf of the apartment property owner, Agora Capitol Partners Inc.
Agora’s 288-unit apartment complex in Port Richey, called the Lakes at Port Richey, is 98 percent leased.
Managing director Elliott Throne led the HFF team that placed the acquisition financing.
“Freddie Mac provided a very attractive, low-rate, flexible financing that allowed the borrower to acquire the asset, complete additional property enhancements, and position the property well for the next several years,” Throne said in a prepared statement.
The Port Richey apartment complex is composed of 24 two-story buildings with 264,168 square feet of rentable space in one-, two and three-bedroom units. Shared amenities include a swimming pool with cabanas, a dog park, fitness center, playground, clubhouse, business center, Internet café and coffee bar.
Agora recently renovated common areas and select units at the apartment complex. The upgrades include the addition of faux granite counter tops, faux wood-plank flooring and new appliances.
The Lakes at Port Richey is located on about 23.75 acres at 8228 Chasco Woods Boulevard, less than two miles from U.S. Highway 19, one of the main north-south thoroughfares in Pasco County.