HFF announces $80.6M financing of Haven 124 at Eastlake Station apartments in suburban Denver
CHICAGO, IL – August 23, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $80.6 million financing of Haven 124 at Eastlake Station (formerly known as Griffis North Metro Apartments), a 562-unit multi-housing community in the Denver suburb of Northglenn, Colorado.
Working on behalf of the borrower, Magnolia Capital and its investment partner, the HFF team placed two separate seven-year, floating-rate loans with Freddie Mac’s Green Advantage Program. The securitized loans will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Proceeds from the loans were used to acquire the property.
Haven 124 at Eastlake Station is a two-phase community situated on 24.2 acres at 12255 North Claude Court. Located just a few blocks east of Interstate 25, the property offers access into downtown Denver, which is approximately 12 miles south of the community, as well as proximity to a variety of dining, retail and outdoor recreation amenities in the immediate area. Additionally, the community is near the soon-to-open Eastlake/124th light rail station. Haven 124 comprises 25 garden-style buildings consisting of a variety of one-, two- and three-bedroom floor plans with upscale features, including nine-foot ceilings, crown molding and in-unit washers and dryers. The community features two swimming pools, spa, 24-hour fitness center and yoga room, business center and abundant parking. The property was 96 percent leased at closing.
The HFF debt placement team representing the developer included managing director Stephen Skok and director Leon McBroom.
“Haven 124 represents Magnolia’s fourth multi-housing investment in 2017,” Skok said. “The acquisition is reflective of Magnolia’s investment strategy, which entails investing in markets that have favorable supply-and-demand characteristics along with above average population, economic and housing stock trends.”
“We are thrilled to have completed the acquisition of Haven 124 and pleased to have worked with HFF on the financing,” said Max Peek, CEO and managing principal of Magnolia Capital. “We continue to seek out compelling value-add and core-plus multifamily investment opportunities within our target markets.”
About Magnolia Capital
Magnolia Capital is a real estate investment company focused on multifamily assets within the United States. The company employs a data-driven, relative value investment strategy to identify compelling, institutional-quality multifamily investment opportunities in primary and secondary markets in the United States. For more information please visit magnoliacap.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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.