FRIDAY, JANUARY 08, 2010

HFF arranges $156M in refinancing

by Illinois Real Estate Journal Reports
Chicago

The Chicago office of Holliday Fenoglio Fowler, L.P. (HFF) has arranged a $156 million refinancing for an eight-property, 2,306-unit multi-housing portfolio in Indiana, Kentucky, Tennessee and Virginia.

HFF director Matthew Schoenfeldt worked on behalf of NTS Realty Holdings Limited Partnership ("NTS") and its wholly-owned subsidiaries to secure the 10-year, 5.4 percent fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation). The loans, which will be serviced by HFF, are securitized through Freddie Mac's Capital Markets Execution (CME) program. Loan proceeds will be used to retire existing life company mortgages and commence a program of targeted capital improvements at the Class-A properties.

"In addition to the exceedingly attractive loan terms delivered to our borrowers, this closing was monumental as it represented the very first crossed-pool funding for Freddie Mac's CME program," said Schoenfeldt.

"The planned enhancements will reinforce the NTS portfolio's status as the preeminent rental communities in their respective markets," added Schoenfeldt.

NTS Realty Holdings Limited Partnership (NYSE: NLP), as a tenant-in-common with unaffiliated co-owners, or as a majority joint venture partner with an affiliate, currently owns 24 properties comprised of 14 multifamily properties, seven office buildings and business centers and three retail properties. The properties are located in and around Louisville and Lexington, Kentucky; Nashville and Cordova, Tennessee; Richmond, Virginia; Fort Lauderdale and Orlando, Florida; Indianapolis, Indiana; and Atlanta, Georgia.

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