HFF announces $62.677M financing for 2 Denver-area apartment communities
DENVER, CO – November 30, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $62.677 million for Timber Creek Apartments and 7S Denver Haus Apartments in the Denver metropolitan area.
The HFF team worked on behalf of Denver-based RedPeak Properties to secure two separate 10-year, interest-only, fixed-rate loans through PGIM Real Estate Finance, the commercial mortgage finance business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. The $38.121 million loan for Timber Creek has a rate of 3.73 percent and the $24.556 million loan for 7S Denver Haus has a rate of 3.83 percent. Loan proceeds were used to refinance existing debt.
Timber Creek Apartments is located at 8899 E. Prentice Avenue in the southeast Denver suburb of Greenwood Village. The 210-unit, 12-building garden-style property is situated in the Denver Tech Center submarket less than two miles from the Belleview Light Rail station and just south of the Interstate 25 and 225 interchange, providing residents with multiple modes of transport around Denver. Units include a mix of one- and two-bedroom floor plans averaging 1,035 square feet. Community amenities include a swimming pool, hot tub, grilling area, 24-hour fitness center, clubhouse, media lounge, cyber café and a mountain bike loaner program to take advantage of the 40-mile hike and bike path along the nearby Cherry Creek Regional Trail.
7S Denver Haus Apartments is approximately 11 miles northwest of Timber Creek Apartments in Denver’s Capitol Hill neighborhood, providing access to employment and entertainment amenities in Denver’s CBD. Located at 175 E. Avenue, the recently completed, Class A building comprises 115 studio, one- and two-bedroom units averaging 699 square feet with high-end features, including French-door refrigerators, quartz countertops, faux-wood flooring, built-in Bluetooth speakers, Nest thermostats, in-unit washers and dryers and balconies. Common area amenities include a sky lounge, barbecue grills, yoga studio, 24-hour fitness center, dog spa, shuffleboard, media lounge and electric car charging stations.
The HFF debt placement team representing the borrower included managing director Josh Simon and senior managing director Eric Tupler.
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 comprises more than 2,200 units located in Capitol Hill, Cherry Creek, City Park, Downtown Denver, Greenwood Village, Littleton, Hilltop and Washington Park. For more information, visit redpeak.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.