June 16, 2016
Holliday Fenoglio Fowler, L.P. (HFF) closed the sale of and secured financing for a 31-property, Low Income Housing Tax Credit portfolio totaling 8,498 units, primarily concentrated in Tampa and Orlando, FL. Greenwich, CT-based Starwood Property Trust, an affiliate of Starwood Capital Group, acquired the portfolio for $563.5 million.
HFF marketed the 97% leased portfolio on behalf of Tampa-based The Wilson Company. Additionally, HFF secured financing totaling $255.87 million through Freddie Mac’s CME Program on 19 of the assets for Starwood.
The portfolio was developed between 1995 and 2004 under IRS Section 42 code. Tax credits offset development costs, but encumbers properties with long-term rent and income restrictions, making them complex assets to manage and divest.
HFF’s investment sales team included Doug Childers, along with Jason Nettles and Matt Mitchell. HFF’s debt placement team included Gregg Shapiro and Jody Thornton.