MIAMI – HFF announced today that it has arranged a $16.4 million refinancing for Wildwood Acres, a 340-unit multi-housing community in Tampa, Florida.
HFF worked exclusively on behalf of the owner to secure the seven-year, 2.42 percent, adjustable-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Wildwood Acres is a unique project with 168 single-story duplex buildings and one quadraplex building offering single-family home type features such as private front entrances and large fenced in backyards. Situated on approximately 34.86 acres, the property is 99 percent leased and includes a mixture of one-, two-, three-, and four-bedroom units averaging 946 square feet each. Community amenities include two swimming pools, a laundry facility, several picnic areas and dog park. Wildwood Acres is located at 13418 Dottie Drive within minutes of Interstate 75, Fletcher Avenue and the University of South Florida’s main campus.
The debt placement team representing the borrower was led by director Elliott Throne and associate director Todd Adams from HFF’s Miami office along with local market support from director Matt Mitchell in HFF’s Tampa office.
"While some borrowers are locking in long-term, fixed-rate financings, others are taking great advantage of Freddie's seven-year, adjustable rate loan structure," stated Throne. "These loans offer great starting rates (in the mid-two percent range with the expectation to stay low for the next few years) and very flexible prepayment schedules."
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 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, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.