Louisville, KY Holliday Fenoglio Fowler, L.P. (HFF) has secured $10.8 million in acquisition financing for Maplewood Apartments, a 292-unit multi-housing community.
HFF worked exclusively on behalf of Vazza Real Estate Group (Vazza) to secure the five-year, fixed-rate loan through a national CMBS lender. The loan provided two years of interest-only, followed by a 30-year amortization schedule. Vazza plans to invest additional capital into exterior and interior unit upgrades.
Maplewood Apartments is located in the West Buechel neighborhood, 12 miles southeast of downtown Louisville and eight miles east of the Louisville International Airport. The property is located just a few minutes from major retail centers, employment hubs and highway arteries for ease of access. Units include a mix of one-, two- and three-bedroom floor plans within varying building configurations, inclusive of 44 townhomes. The property is spread across approximately 13 acres.
The HFF debt placement team representing the borrower consisted of senior director Kristian Lichtenfels.
“This deal checked a lot of boxes for us,” said Stephen Vazza, president of Vazza Real Estate Group. “In addition to having great highway access, the property is less than two miles from 2.4 million s/fof retail anchored by Walmart Supercenter and within three miles of major employers, including UPS, Fort Knox, Ford Motor Company, Humana, Norton Kindred and Yum Brands.”