$19.032 million financing for 177-unit apartment community in suburban Denver arranged by HFF
DENVER, CO – October 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $19.032 million in financing for The Phenix at 4 Mile, a 177-unit apartment community in the Denver suburb of Glendale, Colorado.
HFF worked exclusively on behalf of the borrower, Slipstream Properties (Slipstream), to secure the 10-year, fixed-rate loan with five years of interest only through 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.
The Phenix at 4 Mile consists of eight residential buildings encompassing 11 studio, 119 one- and 47 two-bedroom units averaging 617 square feet. Originally built in phases in 1962 and 1972, Slipstream acquired the property in 2015 and commenced an extensive renovation that updated all aspects of the property, including unit interiors, building exteriors, common areas and amenities. The community features a swimming pool and spa, grilling area, enclosed bike shelter, courtyards and views of the adjacent Mir Park. The Phenix at 4 Mile’s central location in Glendale provides residents immediate access to Denver’s Cherry Creek neighborhood. Additionally, the property is situated near Colorado Boulevard allowing for access to major retail drivers, the central business district, surrounding suburbs and Interstate 25.
The HFF debt placement team representing the borrower was led by associate director Kristian Lichtenfels.
About Slipstream Properties
Slipstream Properties (Slipstream) was formed in January 2010 for the purpose of acquiring, renovating and managing multifamily properties throughout the Denver metro area. To date, Slipstream’s projects have ranged in size from 17- to 177-unit projects. The company has successfully acquired, remodeled and stabilized nine apartment projects.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.