July 26, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for The MARQ on Martin, a newly completed, 248-unit garden-style multi-housing community in Lacey, Washington.
The HFF team worked on behalf of Security Properties to secure the 10-year, fixed-rate loan with five years of interest only through Freddie Mac’s CME – Lease-Up Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire the property.
The MARQ on Martin comprises studio, one- and two-bedroom apartment homes featuring modern finishes and amenities, including stainless steel appliances, in-unit washers and dryers, and walk-in closets. In addition, common area amenities include a swimming pool, spa, sundeck and lounging area, courtyard with fire pit and ping pong, outdoor dining and grilling area, 24-hour fitness center, clubhouse with fireplace and billiards and entertainment kitchen. Completed earlier this year, the community is located at 8545 Litt Drive SE to the south of Interstate 5 and approximately eight miles northeast of Olympia’s CBD.
The HFF debt placement team representing the borrower included senior managing director Charles Halladay, director Scott Gilson and analyst Robert Bova.
“This deal qualified for Freddie Mac’s Lease-Up Program, which is a very competitive product in the market,” Gilson said. “This loan structure allowed the borrower to close on the acquisition with an aggressive rate prior to the property reaching stabilization.”