HFF has arranged $29.66 million in financing for Tradition at Stonewater, a 351-unit, Class A multi-housing community in Cary, North Carolina.
Working on behalf of the borrower, Banner Apartments, LLC, HFF placed the seven-year, fixed-rate loan with Allianz Real Estate of America, Inc. Proceeds were used to acquire the property.
Tradition at Stonewater is located at 12000 Wisdom Drive approximately 35 minutes northwest of downtown Raleigh and near major employment centers such as Research Triangle Park and Duke University & Medical Center. Completed in 2008, the property is 93.4 percent leased and includes 351 units averaging 1,016 square feet each. Community amenities include a resort-style saltwater swimming pool, outdoor lounge, screened-in summer kitchen, fitness center, theater room, business center and gated dog park.
The HFF debt placement team representing the borrower was led by managing director Matthew Schoenfeldt and associate director Jason Bond along with senior managing directors Travis Anderson and Ryan Clutter.
Banner Apartments, LLC and its affiliates (“Banner”) is a fully integrated real estate operating company based in Northbrook, Illinois that focuses on the acquisition, management and development of multifamily properties in select Midwest and Sun Belt markets. Since its founding in 1989, Banner has acquired and operated 40 multifamily properties totaling more than 8,300 units. The current portfolio consists of more than 6,000 units, valued at approximately $500 million.
