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New York, Boston deals highlight HFF's $1,197 billion in transactions.

Holliday Fenoglio Fowler (HFF) secured nearly $1.2 billion for a Manhattan office building, office campus construction in Massachusetts, two multifamily housing portfolios, retail properties in New Jersey and California, and a multifamily property in Florida.

Whitney Wilcox and Mike Tepedino, senior managing directors, led HFF in arranging a $372 million refinance for 1285 Avenue of the Americas, a 1.65-million-square-foot, 42-story office tower in midtown Manhattan.

MetLife Real Estate Investments, New York, provided a 10-year fixed-rate loan. The building is jointly owned by AXA Equitable Life Insurance Co. and institutional investors advised by J.R Morgan Asset Management.

The largest office building in New York to achieve LEED (Leadership in Energy and Environmental Design) silver certification, 1285 Avenue of the Americas is 99.9 percent leased and anchored by three major institutional tenants: UBS; Paul Weiss, Rifkind, Wharton & Garrison LLP law firm; and BBDO, an international advertising agency.

John Fowler, executive managing director; Anthony Cutone, managing director; and Carlos Febres-Mazzei, senior real estate analyst at HFF, worked on behalf of The Fallon Co. LLC, Boston, and its investors to secure a $355 million construction loan for development of a new headquarters campus for Vertex Pharmaceuticals at Boston's Fan Pier.

Plans for the Vertex Headquarters include LEED-certified property featuring two 16-story office towers with 1.1 million square feet of office and biomedical research space and 60,000 square feet of ground-level retail. The project broke ground in late June, with completion slated for December 2013.

Don Curtis, senior managing director; Greg Brown and Brian Torp in HFF's Orange County, California, office; and Elliott Throne in the Miami office secured $220 million financing on an eight-multifamily-housing property portfolio in Florida and Nevada. The eight separate fixed-rate loans through M&T Realty Capital Corporation, Buffalo, New York, sold through its Fannie Mae program and carry 10-year terms. The borrower, Olen Properties Corporation Newport Beach, California, added liquidity and reduced its capital costs.

The properties, with 2,468 units and average occupancy higher than 90 percent, include Club Lake Pointe, 220 units in Coral Springs, Florida; the 420-unit Sanctuary Cove in Palm Beach, Florida; and the 372-unit Weston Place in Weston, Florida. Red Rock Villas has 192 units in Summerlin, Nevada; Horizon Ridge, 200 units in Henderson, Nevada; and in Las Vegas, Duango North and South has 544 units, Falling Water consists of 288 units and Hidden Cove has 212 units.

Curtis and Charles Halladay, associate director in HFF's Orange County office, arranged $61 million for The Shoppes at Chino Hills, a 388,000-square-foot lifestyle center in Chino Hills, California. Working on behalf of Chino Hills Mall LLC, Curtis and Halladay secured a 5.2 percent, 10-year fixed-rate loan through Citigroup Global Markets Realty Corporation, New York.

HFF arranged the sale last year when Chino Hills Mall LLC purchased the property for all cash in June with the intention of securing financing after initial stabilization and definition of a merchandising and marketing plan.

The Shoppes at Chino Hills, originally developed by Opus West in 2008 and currently 90 percent leased, is part of a larger master-planned project that includes the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and the public library. Tenants include Trader Joe's, Banana Republic, Victoria's Secret and Barnes & Noble.

Throne and Todd Adams, senior real estate analyst, led HFF in placing $17.8 million with Freddie Mac for Delaney Park at Southwood, a 248-unit, class-A multifamily housing community in Tallahassee, Florida.

Working on behalf of Epoch Properties Inc., Winter Park, Florida, HFF secured a seven-year, fixed-rate loan through Freddie Mac's Early Rate Lock Capital Markets Execution. The securitized loan carries a rate below 5 percent and HFF will service the loan as a Freddie Mac Program Plus seller/servicer.

Epoch completed Delaney Park's development in 2007 and managed the property since its completion. The 95 percent leased Delaney Park consists of 12 residential buildings.

"Epoch took advantage of the current low interest-rate environment and paid off their original construction loan with a new permanent loan that had terms only Freddie Mac could offer," Throne said. "They now have an attractive low interest rate long-term financing that can be assumed by a new buyer if they choose to sell the asset in the future."

Kevin MacKenzie, senior managing director in HFF's Dallas office, secured $128 million financing for an eight-property, 2,407-unit multifamily housing portfolio in Atlanta; Raleigh, North Carolina; and Dallas and Houston. HFF placed a 10-year, 5.08 percent fixed-rate loan through New York Life Insurance Co. Loan proceeds are paying off an existing facility for the borrower, MAA, Memphis, Tennessee, a multifamily real estate investment trust (REIT).

Thomas Didio, senior managing director, and Michael Klein, director of HFF's New Jersey office, represented Hekernian & Co. Inc. to arrange $43 million financing for Boulder Run Shopping Center, a 175,524-square-foot, grocery anchored shopping center in Wyckoff, New Jersey.

Allstate Investments LLC, Northbrook, Illinois, provided financing for the property, built in 1965 and currently on 19 acres in Wyckoff's central business district.

Boulder Run underwent "a complete renovation and expansion that includes a newly constructed Stop & Shop supermarket," Didio said. Marshalls, McDonald's and Starbucks are other tenants at the shopping center.

Michael Murray is editorial manager of MBA Commercial/Multifamily Newslink. To subscribe, visit Contributor: Jamie Woodwell is vice president of commercial real estate) research for the Mortgage Bankers Association (MBA) in Washington, D.C.
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Title Annotation:Commercial
Comment:New York, Boston deals highlight HFF's $1,197 billion in transactions.(Commercial)
Publication:Mortgage Banking
Geographic Code:1U9CA
Date:Aug 1, 2011
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