HFF Back at Work in the Mile High City
- Jul 09, 2015
HFF continues its commitment to The Centennial State.
Not long after landing a $45 million loan for The Parc at Cherry Creek in Southeast Denver, the company has secured $77.5 million in financing for two more apartment communities in the metro.
According to a news release, HFF worked on behalf of Jeffrey Sanders of MountainView Capital LLC to secure two separate Fannie Mae loans through M&T Realty Capital Corp., as follows: a $36.94 million, 20-year, 3.95 percent fixed-rate loan for Terra Vida apartments in Fort Collins; and a $37.86 million, 20-year, 3.98 percent fixed-rate loan secured for Block 32 at RiNo. The transactions were secured by an HFF debt placement team led by managing director Josh Simon and real estate analyst Kristian Lichtenfels. The loans will be used to refinance existing HUD debt on the properties.
Block 32 at RiNo is a four-story apartment community located at 3200 Brighton Road in Denver’s bustling River North neighborhood. The year-old community is strategically situated near I-70 and I-25, and less than two miles of Denver’s Union Station. Block 32 comprises a mix of studio, one- and two-bedroom units and is currently 96 percent occupied. Amenities include a resort-style swimming pool, a 15,000-square-foot courtyard, state-of-the-art clubhouse, fitness center and business center.
The 240-unit Terra Vida apartment community is located at 3707 Precision Drive in the Fort Collins submarket. The property offers easy access to I-25 and the Harmony Road interchange, and is less than eight miles from the Colorado State University campus. The three-story, Class A asset was completed in 2012 and is 96.3 percent leased. Residents at Terra Vida can enjoy amenities such as a Junior Olympic swimming pool, a 5,400-square-foot clubhouse and 24-hour fitness center.
Images courtesy of Echelon Property Group