HFF has secured $26.5 million in financing for Summermill at Falls River, a 320-unit, Class-A garden-style multi-housing community in Raleigh, North Carolina.
HFF worked on behalf of the borrower, Banner Apartments, LLC, to secure a seven-year, full-term, interest-only 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. HFF is also servicing the securitized loan.
Summermill at Falls River is situated approximately 12 miles northeast of downtown Raleigh at 10311 Fall Mills Drive and offers nearby access to Highway 1 and Interstate 540. Completed in 2002, the property includes one-, two- and three-bedroom units averaging 1,095 square feet. Community amenities include a swimming pool, state-of-the-art fitness center, children’s playground, business center and access to walking trails at the Annie Louise Wilkerson, MD Nature Preserve Park. The property is 96 percent leased.
The HFF team was led by managing director Matthew Schoenfeldt, associate director Jason Bond and real estate analyst Jimmy Conley with assistance from senior managing director Travis Anderson, co-head of HFF’s Charlotte office.
