HFF arranges financing totaling $39.45 million for suburban Denver multi-housing community
PHILADELPHIA, PA – July 12, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $39.45 million in construction and preferred equity financing for the development of Elements at Prairie Center, a 288-unit multi-housing community in Brighton, Colorado.
HFF worked exclusively on behalf of the developer, a joint venture between Delaware-based The Commonwealth Group and Colorado-based C&A Companies, to secure the $31.55 million construction loan and $7.9 million in preferred equity financing.
Elements at Prairie Center is due for completion in third quarter 2017 and will feature 288 units with one-, two- and three-bedroom units averaging 919 square feet each. The 12, three-story buildings will be constructed on a 16.56-acre site in the Prairie Center planned community at the intersection of Eagle Boulevard and South 27th Avenue approximately one mile from Interstate 76 and Barr Lake State Park in Brighton, a suburb northwest of downtown Denver. Upon completion, Elements at Prairie Center will include geothermal heating and cooling systems for all units. Community amenities will include a resort-style swimming pool with cabanas, 24-hour fitness facilities, children’s playground, dog park, clubhouse and community garden. The community will be situated 2.5 miles southeast of Solaire Apartments, a 252-unit, Class A community completed by the developer in 2014.
HFF’s debt placement team was led by managing directors James Conley and Josh Simon.
About The Commonwealth Group
The Commonwealth Group has, to date, developed more than $600 million of commercial, industrial and residential real estate. The group currently manages 2.3 million square feet of office, warehouse and multifamily properties.
About C&A Companies
C&A Companies (C&A) has successfully built over 1,500 residential units, ranging from multifamily communities to semi-custom and custom luxury single-family homes. C&A has also developed over 5,000 acres of land into 750 single-family lots, while preserving over 2,000 of those acres in open space, dedicated parks or conservation easements. Including past and current projects, C&A will have entitled, developed and built over one million square feet of commercial and mixed-use properties in the Front Range of Colorado. In 2006 and 2007, C&A was recognized by INC. magazine as one of the 500 fastest growing, privately-held companies in the United States.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.