$45 million financing for garden apartment community in Denver secured by HFF
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $45 million in financing for The Parc at Cherry Creek, a 408-unit, garden-style apartment community in Denver, Colorado.
HFF worked on behalf of PCC Partners LLC and Iron River Management, LLC to secure the 10-year, 3.89-percent, fixed-rate loan with five years 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 Parc at Cherry Creek offers three floor plans ranging from 782 to 1,089 square feet. Community amenities include a 24-hour fitness center, pool and spa, gas grills in the pool area, tennis and basketball courts, sand volleyball court, DVD library, clubhouse, detached garages, gas fire pit and internet café with Wi-Fi. Situated on almost 20 acres at 7555 East Warren Drive in southeast Denver, the community is within walking distance to retail shops, restaurants and Cherry Creek Country Club about 7.4 miles from downtown Denver.
The HFF debt placement team representing the borrower was led by managing director Josh Simon and real estate analyst Kristian Lichtenfels.
“Given that we are witnessing the sunset of the currently favorable interest rate environment, it’s smart business for our team to make this move,” Jonathan Ringham, manager of PCC Partners, LLC and president of Iron River Management, LLC. “Locking in this low rate for the next decade provides enormous flexibility in our future operations. HFF was instrumental to us as a partner in getting this deal done from beginning to end.”
About Iron River Management, LLC
Iron River Management, LLC (Iron River) has been involved in the ownership, management and development of multifamily residential real estate since the early 1970’s. With more than 40 years of experience, Iron River has grown and diversified its operations into separate affiliated entities that concentrate its expertise in the fields of property management, property acquisition and finance and private equity investing. As of 2015, the company owns three properties, totaling almost 1,000 multifamily units, with an estimated market value of more than $110 million and is developing two additional multi-family properties in the Denver Metro totaling 260 units. Iron River’s private equity holdings continue to grow with returns in excess of $25 million.
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.