MIAMI, FL - HFF announced today that it has secured $11 million in financing for the unsold single-family home lots and club memberships at Old Palm Golf Club in Palm Beach Gardens, Florida.
Working on behalf of Clarion Partners, HFF placed the short-term, fixed-rate financing with American Real Estate Capital.
The Old Palm Golf Club is a 651-acre private golf club community with approximately 300 single-family home lots located in Palm Beach Gardens, Florida. To date, 190 homes have been developed from 2004 to the present. In 2013, lot sales in the community have been exceptionally strong, with more than 30 lots sold year-to-date. Completed homes start at approximately $1.3 million and larger estates range between $5 million and $15 million. A maximum of 330 club memberships are available to the exclusive golf club community.
The HFF team representing the borrower was led by managing director Jim Dockerty and senior real estate analyst Scott Wadler.
HFF’s debt placement team arranged more than $3.4 billion in multi-housing loans nationally in the first half of 2013. HFF arranged more than $216 million in multi-housing transactions across all capital markets platforms in the state of Florida during the first half of 2013.
Clarion Partners has been a leading U.S. real estate investment manager for more than 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With more than $28 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.
American Real Estate Capital (AREC) is the nationwide commercial real estate lending platform for its Life Insurance parent company, American Financial Group, Inc. (NYSE:AFG). AREC provides competitive loan terms on rental apartments, office buildings, bulk distribution facilities, shopping centers, marinas and hotels nationwide. For information about AREC, please contact Managing Directors: David Nigro or Kohler Nordlundat 305-447-6835. www.amrecap.com.
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.