HFF secures financing totaling $77.5 million for garden-style apartment communities in two major Colorado markets
DENVER, CO – April 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $40.2 million in financing for Fox Ridge Apartment Homes in Centennial, Colorado and $37.3 million in financing for Canterwood Apartments in Boulder, Colorado.
HFF worked on behalf of the borrower, a REIT sponsored by Resource Real Estate, Inc. (“RRE”), to arrange two separate loans through a life company correspondent lender. Both loans have a seven-year, fixed-rate term with significant prepayment flexibility. The borrower previously acquired the properties on an all-cash basis.
Fox Ridge Apartment Homes is a 300-unit property located at 8225 South Poplar Way within the Cherry Creek School District and adjacent to numerous retail, dining and entertainment amenities, including Park Meadows Mall. The property has 27 two- and three-story walk-up residential buildings encompassing one- and two-bedroom units averaging 977 square feet each. Community amenities include a heated outdoor swimming pool, 24-hour fitness center, sport court, outdoor barbecue grill and picnic area, and reserved carport parking.
Canterwood Apartments is located in Boulder, Colorado at 4970 Meredith Way. The property has 216 one- and two-bedroom units averaging 850 square feet situated within 14 residential buildings. Community amenities include a swimming pool, hot tub, barbecue picnic areas, dog park, yoga room, bike repair room, two clubhouses, business center and views of the Flatirons.
The HFF debt placement team was led by senior managing director Eric Tupler.
About Resource Real Estate, Inc.
Resource Real Estate, Inc. (“RRE”) is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. For more than two decades, RRE and its affiliates have managed real estate assets for institutional and individual investors. RRE and its parent company have offices in New York, Los Angeles, Denver, London, Singapore, as well as its headquarters in Philadelphia and additional locations across the U.S. RRE owns and manages real estate assets with an aggregate value of approximately $4.1 billion and is a wholly owned subsidiary of Resource America, Inc. (NASDAQ: REXI). As of December 31, 2015, Resource America, Inc. managed $21.7 billion gross assets under management across various asset classes.
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.