HFF Announces $110.5M Sale of and $76M Financing for 900-Unit Apartment Community in Bradenton, Florida

Holliday Fenoglio Fowler, L.P. (HFF) announces the $110.5 million sale of and $76 million acquisition financing for Carlton Arms of Bradenton, a 900-unit, garden-style apartment community in Bradenton, Florida.

The HFF team marketed the property on behalf of the seller, a joint venture between The Mahaffey Apartment Company and Brighthouse Life Insurance Company. MetLife Investment Management advised Brighthouse on this investment. FLF Holdings purchased the offering free and clear of existing debt. Additionally, HFF worked on behalf of the new owner to secure the 10-year, fixed-rate loan through Freddie Mac's CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Built in 1980, Carlton Arms of Bradenton has been owned and managed by The Mahaffey Apartment Company for 38 years. The property is located on a peninsula overlooking the Braden and Manatee Rivers at 5200 Riverfront Drive, and is one of the only waterfront multi-housing rental communities in the Sarasota/Bradenton MSA. The property comprises a variety of efficiency, studio, one-, two- and three-bedroom floor plans averaging 880 square feet with a majority of the units featuring water views and large outdoor patios or balconies. Carlton Arms also features 12,519 square feet of 100-percent-leased retail space. Community amenities include two waterfront pools, two lighted tennis courts, two basketball courts, two clubhouses, a fitness room, on-site dog park, four guest suites for visitors, covered parking and five boat docks containing 50 boat slips. The residential units are 99.7 percent occupied.

The HFF investment advisory team included senior managing director Matt Mitchell and director Zach Nolan.

HFF's debt placement team consisted of managing director Elliott Throne.

"The borrower benefitted from a very aggressive Freddie Mac financing structure within the Green Up program that will allow them to effectively execute their renovation strategy on an asset that provides a truly unique waterfront lifestyle to its residents," Throne said.

About The Mahaffey Apartment Company

Established in 1962, The Mahaffey Apartment Company is a family enterprise that specializes in developing, building, managing and owning large apartment communities. The goal of the company is to own these real estate developments as a long-term investment. The Florida-based firm has developed, built and managed 21 properties with 16,825 individual apartments in Florida and Indiana. Over the years the company has sold 7,515 rental apartments in 10 different locations. The company is distinguished by the total involvement of its principals in the creation of each community from initial site selection through architectural planning, construction and marketing.

About Brighthouse Financial

Brighthouse Financial BHF is a major provider of annuities and life insurance in the U.S. Established by MetLife, Brighthouse Financial's mission is to help people achieve financial security by offering essential annuity and life insurance solutions designed to help protect what they have earned and help ensure it lasts. Learn more at www.brighthousefinancial.com.

About FLF Holdings

FLF Holdings is a real estate development and management company targeting quality income producing real estate assets and unique development opportunities. The company's core mission is to acquire and develop projects it can be proud to live in, live around and be a part of. FLF is dedicated to affecting a positive change through responsible real estate strategies for all stakeholders, including its tenants, neighbors, community and investors. FLF, together with its affiliates, owns a diverse portfolio of over two million square feet consisting of industrial, retail, office and approximately 2,500 apartments. In addition, it operates a management company in Chicago called Crossroads Partners with a portfolio of over four million square feet. FLF has offices and affiliates in Florida, Texas, Illinois, Ohio and Pennsylvania. For more information, visit www.flfholdings.com or www.xr-partners.com.

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. HF. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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