William Penn Apartment Homes

William Penn Apartment Homes

A 189-unit apartment building in Westlake has received $22.5 million in financing, HFF Inc. announced Feb. 28.

Massie Capital Management borrowed the money for the William Penn Apartments. The building is located at 2208 W. 8th St. The property was 94 percent occupied when the financing closed.

HFF did not immediately return requests for information on who provided the financing.

“Massie Capital focuses on identifying mispriced assets and delivering affordable, well-designed space to its tenants,” said Brian Massie, principal of Massie Capital Management, in a statement. “The William Penn’s pioneering submarket and business plan required a unique lending partner. HFF was able to clear the market quickly and bring a closely held relationship with a lender who understood our vision for the property and provided local, accessible asset management for draw requests.”

HFF’s John Marshall and Devon Dykstra secured the financing.

“Every year market participants note that the bridge loan market is more competitive than ever and 2019 is no different,” Marshall said in a statement. “HFF advised our client to select a lender who could provide certainty of execution and the best terms available in the market.”

Commercial real estate reporter Hannah Madans can be reached at hmadans@labusinessjournal.com. Follow her on Twitter @HannahMadans

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