HFF Lands Loan for Southeast Denver Apartments
- Jun 25, 2015
With the help of Freddie Mac’s Capital Markets Execution program, HFF has managed to secure a $45 million fixed-rate loan for a 408-unit apartment community in Southeast Denver.
Working on behalf of PCCP LLC and Iron River Management LLC, HFF has obtained a 10-year securitized loan for The Parc at Cherry Creek, a garden-style community located at 7555 E. Warren Dr. The loan bears a 3.89 percent rate with five years interest only, and will be serviced through HFF’s Freddie Mac Program Plus Seller/Servicer program.
According to a news release, the loan was secured with the help of an HFF debt placement team led by managing director Josh Simon and real estate analyst Kristian Lichtenfels.
“Given that we are witnessing the sunset of the currently favorable interest rate environment, it’s smart business for our team to make this move,” said Jonathan Ringham, manager of PCCP & president of Iron River Management in a statement. “Locking in this low rate for the next decade provides enormous flexibility in our future operations.”
The Parc at Cherry Creek offers residents three floor plans ranging in size from 782 to 1,098 square feet. Amenities include a 24-hour fitness center, business center with free Wi-Fi, pool and spa, tennis and basketball courts, detached garages and clubhouse. The property is conveniently located in close proximity to popular local destinations including the Cherry Creek Mall and Tamarac Square.
Iron River Management currently owns three properties totaling nearly 1,000 apartment units in the Denver metro area, with two more projects totaling 260 units currently under development.
Image courtesy of The Parc at Cherry Creek