$41.8 million financing for 351-unit multi-housing community in Aurora, Colorado, secured by HFF
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $41.8 million in financing for Del Arte Lofts and Flats, a 351-unit multi-housing community in Aurora, Colorado.
HFF worked on behalf of the borrower, Advenir, Inc., to place the seven-year, 2.28 percent, adjustable-rate loan with three years interest only 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 were used to acquire the asset. Advenir will rebrand the property as Advenir at Del Arte and will implement a minor capital improvement program to achieve greater rental premiums.
Del Arte Lofts and Flats is located at 151 South Joliet Circle in Aurora, approximately nine miles southeast of Denver’s central business district. The 93-percent-leased property is near the Lowry Air Force Base and the 578-acre Fitzsimons/Anschutz Medical Campus. The community has one-, two- and three-bedroom units and amenities such as a resort-style swimming pool, hot tub, state-of-the-art fitness center, newly-designed clubhouse with business center and access to nearby jogging trails.
The HFF debt placement team representing the borrower was led by Josh Simon and Eric Tupler.
About Advenir, Inc.
Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates income multifamily rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated 15,500 multifamily units valued at more than $2 billion. Advenir’s current portfolio consists of 8,760 apartment units valued at more than $1 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 275 employees and regional offices in Florida, Texas, and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.
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