HFF secures $5.15 million refinancing for Creekside Estates in Vancouver, Washington

The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured a $5.15 million refinancing for Creekside Estates, a 188-pad manufactured housing community in Vancouver, Washington.

HFF associate director Tom Wilson and senior managing director Lloyd Minten worked exclusively on behalf of the borrower, Creekside Estates, LLC in arranging the 10-year, 5.435% fixed-rate non recourse loan through Wachovia Multifamily Capital, Inc. FNMA.

Creekside Estates is located at 5101 NE 121st Avenue close to Interstate 205 in Vancouver. The community was built in three phases, the most recent in 2000, and includes a recreation center with an indoor swimming pool. Creekside Estates is currently 92% leased.

“The agencies (Fannie Mae and Freddie Mac) continue to lead the way for financing in the multifamily sector,” said Wilson. “They are a reliable source of non recourse capital with no interest rate floors to their pricing.”

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.