$28.8 million financing for 5 Denver apartment communities secured by HFF
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $28.8 million in financing for five apartment communities totaling 220 units in downtown Denver’s Capitol Hill neighborhood.
Working on behalf of RedPeak Properties, HFF placed the financing in five separate transactions with a national bank. The seven-year, 3.91 percent, fixed-rate loans were structured as individual loans on each property totaling $28.8 million in aggregate. Loan proceeds will be used to refinance existing debt and recover capital investments for the renovations of the properties.
|Property Location||Total Units||Avg. Unit Size||Year Built/Renovated||Occupancy|
|929 Marion Street||43 Units||405 SF||1955/2013||100%|
|970 Pennsylvania Street||32 Units||635 SF||1940/2015||94%|
|1000 Grant Street||86 Units||742 SF||1963/2014||94%|
|1075 Corona Street||36 Units||757 SF||1955/2015||86%|
|1145-1153 Ogden Street||23 Units||706 SF||2012 & 1896/2012||100%|
The HFF debt placement team representing the borrower was led by Josh Simon and Eric Tupler.
“HFF provided broad market coverage to ensure that we met our investment objectives. The process was seamless and provided us with several attractive options to consider. We look forward to working with HFF in the future as we continue to grow our portfolio,” said Bobby Hutchinson, Investment Director for RedPeak.
About RedPeak Properties
RedPeak Properties is a full-service apartment owner, operator, developer and acquirer with an exclusive focus on Denver and Colorado’s Front Range. The company continually upgrades the value of its portfolio through the thoughtful development, redevelopment and repositioning of its assets. RedPeak strives to provide distinctive, highly-amenitized residences close to key employment centers, public transportation and entertainment districts. RedPeak Properties’ portfolio is comprised of 2,445 units located in Capitol Hill, Cherry Creek, City Park, Downtown Denver, Greenwood Village, Littleton, Hilltop and Washington Park. For more information, visit www.redpeak.com.
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.