Holliday Fenoglio Fowler, L.P. (HFF) announces $37.55 million in acquisition financing for Brook Arbor, a 302-unit, Class A apartment community in Cary, North Carolina.
Working exclusively on behalf of the borrower, Taurus Investment Holdings, LLC, the HFF team placed the 10-year, floating-rate loan with five years of interest only payments with Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to capitalize the purchase of the property, which represents Taurus’ second acquisition in North Carolina.
Brook Arbor is situated along State Highway 55 at 200 Brook Arbor Drive in the affluent Triangle submarket. The property is convenient to major employers in Raleigh-Durham’s Research Triangle Park and within three miles of several retail centers, including Publix at Bradford, Alston Town Center and the Target-anchored Parkside Town Commons mixed-use center. Brook Arbor features large floorplans averaging more than 1,000 square feet and a 5,000-square-foot fitness center with on-site personal trainer, swimming pool with sundeck, grilling area, playground, tennis court, fishing pond, clubhouse, lounge and business center. The property is 96.4 percent occupied.
The HFF team representing the borrower included Jamie Leachman and Nicole Brickhouse.
“Brook Arbor is a well-located, institutional-quality asset with tremendous upside that is an ideal fit for Taurus’ value-add strategy,” Leachman remarked. “HFF is excited about the opportunity to assist Taurus with their continued expansion into the Southeast.”
About Taurus Investment Holdings, LLC
Established in 1976, Taurus is a Real Estate Private Equity Company and active deal participant in thirty markets around the world. Through fully owned local subsidiaries (regional office model) such as advisory, property management, and value-add development companies, Taurus, together with its international private investors and strategic joint venture partners, leverages its local market proficiency and performance record to capitalize on select investment opportunities. www.tiholdings.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visithfflp.com or follow HFF on Twitter @HFF.