HFF recently arranged a $29 million refinancing for Prairie Lakes, a 402-unit luxury multi-housing community in Noblesville, Ind.
HFF worked on behalf of a partnership between Hearthview Residential and its institutional partner to secure the seven-year, fixed-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds are retiring the construction loan on the property.
Prairie Lakes is situated on 44 acres in the northern Indianapolis suburb of Noblesville. Completed in 2010, the property has one-, two- and three-bedroom units averaging 957 square feet each. Community amenities include a saltwater swimming pool, grilling cabana and clubhouse with business center, fitness center, gaming lounge and meditation studio. At closing, Prairie Lakes was 97-percent occupied.
The HFF team representing Hearthview Residential and its institutional partner was led by senior managing director Dave Keller and senior real estate analyst Ken Martin.
Hearthview Residential has been developing, building and managing commercial real estate and multi-housing properties since 2000. The principals of Hearthview have been responsible for the development and/or financing of more than $2 billion of real estate throughout the eastern half of the United States during their careers and have been responsible for the development and construction of several thousand for-sale and rental residential units across multiple market areas.