$11.1M financing for 209-unit multi-housing community in Colorado Springs announced by HFF
DENVER, CO – September 21, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $11.1 million financing for Peak 4420, a 209-unit, garden-style multi-housing community in Colorado Springs, Colorado.
Working on behalf of POV Investment Group, LLC, an affiliate of Radford Investment Properties, the HFF team placed the 10-year, non-recourse, fixed-rate loan with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds will be used to pay off an existing Freddie Mac loan that the HFF team arranged in 2015.
Peak 4420 is located at 4420 East Pikes Peak Avenue to the east of downtown Colorado Springs and near major thoroughfares, including State Highway 24, Route 21 and Interstate 25, providing convenient access to the area’s core employment centers. The seven-building property is 96.65 percent occupied and features studio, one- and two-bedroom units ranging from 520 to 750 square feet. Community amenities include a swimming pool, dog park and playground.
The HFF debt placement team representing the borrower included director Brock Yaffe.
“Radford has now closed several loans with HFF, and we have always been very pleased with their efficiency and ability to hold the agreed upon loan terms,” stated a representative from Radford. “We were able to lock-in an outstanding long-term fixed rate even in this low interest rate environment, all whilst their Houston office was dealing with a devastating hurricane. We couldn’t be happier with the result.”
About Radford Investment Properties
Denver-based Radford Investment Properties (Radford) is a privately owned real estate firm specializing in property investment and renovation in Denver, Colorado. Since 2001, the company and its principals have consistently provided the highest level of quality, service and investment returns to its clients and investors. Radford’s principal business is multi-unit housing with a portfolio of currently owned and managed investments consisting of multifamily buildings and townhome/condominium units totaling more than 650 units in the Denver metro and Colorado Springs, Colorado regions, and Albuquerque, New Mexico region. The distinguishing feature of the portfolio is its potential for repositioning via property renovations. The firm focuses primarily on purchasing properties that can be improved both in terms of the physical characteristics of the property and the corresponding financial effects of increased cash flow and property value. Visit radfordinvestments.com for more information.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.