Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $21.2 million in financing for Alice Street Apartments, a 74-unit, Class A, transit-oriented multi-housing development in Oakland, California.
HFF worked exclusively on behalf of the borrower, a joint venture between SIMEON and Lionstone Investments, to secure the non-recourse construction loan.
Alice Street Apartments is currently being constructed on a 0.41-acre site at 250 17th Street in Oakland’s upscale Lakeside neighborhood. The transit-oriented site has a WalkScore© of 99 and is convenient to the 19th Street BART station, Interstates 880 and 980, Amtrak and ferry service, connecting residents to major employment centers in downtown Oakland, San Francisco, Emeryville and Silicon Valley. With Lake Merritt and Broadway Street within a few blocks, the live-work-play property will also provide residents with access to numerous dining, nightlife and recreational options. The six-story property is due for completion in 2018 and will encompass 74 studio, one- and two-bedroom units averaging 788 square feet each. Community amenities will include a secured, ground-level parking garage; electric vehicle charging stations; bicycle parking and repair; fitness center; private decks; common roof deck recreational space; and meeting space.
The HFF debt placement team representing the borrower was led by managing director Colby Mueck and associate director Brandon Roth.
About SIMEON
SIMEON is a family of real estate companies dedicated to building and maintaining an organization that effectively capitalizes on investment opportunities created by changing local market conditions. SIMEON is managed by a team of highly-qualified and seasoned real estate professionals whose philosophy for success is to attract qualified people, create solid industry relationships and build an outstanding reputation through commitment to excellence and superior customer service.
About Lionstone Investments
Lionstone’s objective is to identify and execute smart investments by understanding the evolution of internationally competitive cities, then pinpointing where the most productive people in America want to live and work—Places for Productive People™. Since the firm’s inception in 2001, Lionstone has endeavored to consistently generate attractive, risk-adjusted returns on real estate on behalf of our institutional investors and high net worth individuals. Lionstone currently manages over $5 billion in assets under management. The business is organized across three investment platforms, each one offering growth opportunities at different points in the real estate cycle. Not being pressured to invest at specific times in the capital market is a major strength, reflective of Lionstone’s culture of high performance and steadfast trust. Please visit our website atwww.lionstoneinvestments.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
