November 14, 2018
HFF secured financing totaling $800.45 million for Toronto-based Starlight Investments’ 23-property multifamily portfolio consisting of 7,289 units across eight states. The loan was originated as a Freddie Mac Structured Pool Transaction with five, six and seven-year loan terms, and included both fixed- and floating-rate components.
The master note, secured by the cross-collateralized pool of properties owned by Starlight U.S Multi-Family (No. 5) Core Fund, will be serviced by HFF. The Class A properties are located in the Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa markets.
The financing allows Starlight to fix the interest rate on roughly 80% of the fund’s mortgage financings, while reducing the fund’s weighted average interest rate on its mortgages by approximately 52 basis points and extended the weighted average term to maturity to 6.1 years.
HFF’s Matt Kafka, Campbell Roche, Matthew Williamson, Tolu Akindele and Wilson Bauer represented the borrower.
*Pictured Pure Living Heathrow Orlando
For comments, questions or concerns, please contact Dennis Kaiser