May 8, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $45.756 million in financing for PARC3400, a 260-unit, Class A multi-housing property in Davie, Florida.
HFF worked on behalf of Park Partners Residential, a joint venture between Rosemurgy Properties and Giles Capital Group, to arrange the fixed-rate loan. The loan, which closed on April 30, 2019, will also be serviced by HFF. Loan proceeds were used to refinance the construction financing that HFF arranged for the development of the property in 2016.
“We are happy to offer residents an exceptionally designed project in the epicenter of Broward County that provides a luxury living experience to all of our residents,” said Alex Rosemurgy, co- managing partner of Park Partners Residential. “Beyond the location, PARC3400 offers a new level of convenience, with unique building amenities, including private office spaces, a state-of-the-art, 3,500-square-foot fitness center, dog washes and parks, as well as a resort-style pool outdoor area.”
PARC3400 offers a truly central location in South Florida. It is situated near the southwest intersection of Interstate 595 and the Florida Turnpike on an eight-acre site at 3400 Davie Road and provides residents excellent access to nearby universities and numerous surrounding retailers. The property is adjacent to Nova Southeastern University and provides quick access to Miami and Palm Beach.
Completed in 2017, the property features a resort setting with one-, two- and three-bedroom units equipped with granite countertops, stainless steel appliances, modern lighting, walk-in closets, in-unit washers and dryers, ceiling fans, impact-resistant windows and sliding doors, and private balconies and patios. Common area amenities include a resort-style swimming pool, pavilion, clubhouse, 84 bicycle parking spaces and car charging stations.
The HFF debt placement team was led by managing director Elliott Throne and director Jesse Wright.
“The owners were able to lock in an aggressive financing that will provide them advantageous, long-term cash flow as the asset continues to further strengthen in the years ahead,” Throne stated. “The luxurious amenities offered in a location that is as central as it gets made this a deal that all lenders wanted on their books.”