HFF secures financing totaling $77.5 million for two Denver area multi-housing communities
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing totaling $77.5 million for two multi-housing communities in the Greater Denver area – Terra Vida and Block 32 at RiNo.
HFF worked on behalf of Jeffrey Sanders of Boulder, Colorado-based MountainView Capital, LLC to secure Fannie Mae financing through M&T Realty Capital Corporation in two separate transactions. A $36.94 million, 20-year, 3.95 percent fixed-rate loan was secured for Terra Vida and a $37.86 million, 20-year, 3.98 percent fixed-rate loan was secured for Block 32 at RiNo. Both loans will be used to refinance existing HUD debt on the properties that was assumed at acquisition and opened to prepayment in conjunction with the closing of these refinances.
Terra Vida is located at 3707 Precision Drive in the Fort Collins submarket near the Interstate 25 and Harmony Road interchange and less than eight miles from Colorado State University’s main campus. Completed in 2012, the three-story, Class A property has 240 units averaging 953 square feet each and is 96.3 percent leased. Community amenities include a Junior Olympic swimming pool and a 5,400-square-foot clubhouse featuring a 24-hour fitness club, pet washing station, pool table and complimentary wireless internet.
Block 32 at RiNo is situated on 4.14 acres at 3200 Brighton Boulevard in Denver’s River North (RiNo) neighborhood. The property is near Interstates 70 and 25 and is less than two miles from downtown Denver’s Union Station. Completed in 2014, the four-story building has a mix of studio, one- and two-bedroom apartments averaging 916 square feet each. The 96-percent-leased community includes amenities such as a resort-style swimming pool with hot tub, poolside bar, 15,000-square-foot landscaped courtyard with fire pits and ping pong, barbecue area, dog spa with enclosed dog park, state-of-the-art clubhouse, fitness center, community kitchen, pool tables, lounge and business center.
The HFF debt placement team representing the borrower was led by managing director Josh Simon and real estate analyst Kristian Lichtenfels.
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.