HFF arranges debt and equity totaling $39 million for suburban Reno, Nevada multifamily development

The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a construction loan and joint venture equity for the development of Pioneer Meadows, a 300-unit Class A multifamily development to be built in Sparks, Nevada.

HFF director Mark Erland worked exclusively on behalf of Fore Property Company to arrange the $29.5 million, three-year construction loan. The $9.5 million in joint venture equity was provided as the third venture through an existing institutional partner arranged by HFF.

Due for completion in September 2009, Pioneer Meadows will have 19 buildings with one-, two- and three-bedrooms and loft units averaging 949 square feet each. Parking will be provided through a mixture of garages, covered parking and surface spaces. Community amenities include a state-of-the-art clubhouse, pool facility and fitness center. The project is located on a 20-acre site in the master planned community of Pioneer Meadows, which features the award winning Red Hawk golf course and a new community retail center with national tenants.

“Pioneer Meadows will be the market leader in quality for Class A apartments in the Sparks area with superb amenities, highly finished units, and a top management team,” said Erland. “Fore Property Company has substantial experience developing and owning multifamily properties in the Reno-Sparks market.”

Fore Property Company is a full-service national real estate company with move than 30 years of experience in developing, constructing and managing apartment communities. Fore Property Company has developed over 15,000 units in 13 states. As an integrated developer, it builds through its CANV Construction unit and manages through FPC Management.