$14.25 million financing for 131-unit multi-housing property in suburban Denver secured by HFF
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $14.25 million in financing for the Phenix at Infinity Park II, a 131-unit, newly-renovated multi-housing property in Glendale, Colorado.
Working on behalf of Slipstream Properties of Glendale, Colorado, HFF placed the five-year, 4.36 percent, fixed-rate loan with two years interest only, followed by a 30-year amortization schedule with a CMBS lender. Loan proceeds were used to refinance the borrower’s acquisition and renovation bank loan, and to recapture a significant portion of its initial equity.
The Phenix at Infinity Park II is located at 4747 East Mississippi Avenue and 1001 South Dahlia Street approximately five miles southeast of downtown Denver. The property is situated one block from Infinity Park, a sports, entertainment and events venue, and is two miles from the high-end Cherry Creek Shopping Center. Renovated in 2015, the 97-percent-occupied asset has a variety of one- and two-bedroom floor plans. Community amenities include a swimming pool, dog park, grilling areas and courtyards.
The HFF debt placement team representing the borrower was led by Josh Simon.
“The capital markets were very responsive to this financing request given the sponsor’s strong track record and the extensive investment in renovations at the property,” said Simon. “We were able to accomplish the borrower’s goal of recapturing a majority of their equity despite a limited stable operating history.”
Peter Eklund with Slipstream Properties added, “Working with HFF enabled us to evaluate the full spectrum of debt offerings and select the one, which satisfied the bulk of our priorities. The HFF team worked on our behalf to ensure a smooth close on a complex transaction.”
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.