DENVER, CO – HFF announced today that it has secured $30.48 million infinancing for Prairie Pines at the Ridge, a 330-unit, Class A multi-housing development in Williston, North Dakota.
HFF worked exclusively on behalf of the borrower, a joint venture between KKR, Continuum Partners and the Pioneer Companies to secure the construction loan through a national bank.
Prairie Pines at the Ridge will be situated on a 16.48-acre site at the intersection of 35th Street West and Long Branch Avenue within The Ridge master planned community. Slated for completion in early 2014, the multi-housing project is the first phase of the, which will also include 302 townhomes, 144 single-family homes, 48 duplex units and a public park. Property amenities will include a fitness center, business center, community kitchen, gathering room, outdoor picnic areas and outdoor barbecue and fire pits.
The HFF team representing the seller was led by senior managing director Eric Tupler, director Josh Simon and real estate analyst Leon McBroom.
“The demand for housing in the Williston area has increased exponentially as the Bakken region of North Dakota experiences a major oil boom. The Ridge, Williston’s first fully master planned community, is an excellent example of the long term sustainable growth the Williston area is experiencing in response to the region’s economic prosperity,” commented Tupler.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $83.5 billion in assets under management as of June 30, 2013. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform. KKR & Co L.P. is publicly traded on the New York Stock Exchange (NYSE:KKR), and "KKR", as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate.
Continuum Partners and the Pioneer Companies is a national, privately-held real estate owner, operator, property manager and developer with headquarter offices in Denver, Colorado and Syracuse, New York. The Continuum Partners and the Pioneer Companies team bring a wide range of real estate development experience, with a focus on mixed-use, value-add investment opportunities. The company has been recognized by Urban Land Institute, Congress for the New Urbanism, NAIOP and the Environmental Protection Agency for its ground-breaking developments. Continuum Partners and the Pioneer Companies are led by principals Mark Falcone, Michael Falcone, Peter Fair, and Daniel Murphy.
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.com or follow HFF on Twitter at www.twitter.com/hff.