HFF Announces $49.56M Financing for BullHouse in Downtown Durham, North Carolina


Holliday Fenoglio Fowler, L.P. (HFF) announces $49.56 million in financing for BullHouse, a 305-unit, luxury apartment community in downtown Durham, North Carolina.

The HFF team worked exclusively on behalf of the borrower, Lantower Residential, to arrange an acquisition loan through New York Life Real Estate Investors.

Located at 504 East Pettigrew Street, BullHouse is adjacent to the Durham Freeway (Highway 147) and steps from the Durham Performing Arts Center, American Tobacco Campus and Durham Bulls Athletic Park. The property’s central, amenity-rich location and direct freeway access provides convenient access to multiple employment centers around Durham, Raleigh and the Research Triangle. BullHouse features modern studio, one-, two- and three-bedroom units with contemporary finishes, including designer kitchens with quartz countertops and stainless-steel appliances; hardwood-style flooring, energy efficient windows, full-sized washers and dryers, custom walk-in closets, balconies and skyline views of downtown Durham. Community amenities include a saltwater pool, outdoor kitchen, yoga room, spa room, rooftop terrace, gather room with catering kitchen, dog spa, local art gallery with purchasing options, café with coffee station and huddle room with multimedia capabilities.

The HFF debt placement team representing the borrower consisted of senior directors Jamie Leachman and Roger Edwards.

“We are seeing more and more activity in the pre-stabilized multi-housing space both with acquisitions and refinancing,” Leachman said. “New York Life Real Estate Investors was fantastic to work with by providing Lantower with extremely competitive terms to facilitate the expansion of its portfolio within the Southeast.”

About Lantower Residential

Lantower Residential is a vertically integrated real estate company and subsidiary of H&R Reit specializing in the acquisition and management of multifamily communities in the U.S. The company aims to create real value for its shareholders through a disciplined acquisition and management strategy that facilitates ideal multifamily investments in growth markets. The company focuses on submarkets where it has vast institutional knowledge and applies its proven track record to the acquisition, financing, management and positioning of each individual deal.

About New York Life Real Estate Investors

New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.

New York Life Real Estate Investors is a full-service, fully integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities and unsecured REIT bonds. With over $51.9 billion in assets under management as of June 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.

*Real Estate Investors AUM of $51.9 billion is gross and includes AUA ($1.6 billion), and debt ($0.3 billion) as of 6/30/18. Net AUM for Real Estate Investors is $50.0 billion as of 6/30/18.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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