$31.2 million acquisition financing secured by HFF for 345-unit multi-housing community in Denver, Colorado
HFF
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $31.2 million in acquisition financing for Villas at Parker, a 345-unit, garden-style multi-housing community in Denver, Colorado. HFF worked on behalf of the borrower, Advenir, Inc., to place the seven-year, 2.69-percent, adjustable-rate loan with three years interest only with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds were used to acquire the asset. Advenir will rebrand the property as Advenir@Cherry Creek North and will implement a capital improvement program to achieve greater rental premiums. Villas at Parker has studio, one- and two-bedroom units averaging 724 square feet. The 96-percent-leased community consists of 15 buildings plus a clubhouse and features a heated outdoor swimming pool, business center, fitness center, park and playground area, picnic areas and covered parking. Situated on 17.36 acres at 1090 South Parker Drive, Villas at Parker is located in southwest Denver with immediate access to the High Line Canal Trail, Denver’s 850-mile network of hiking and biking trails. The Cherry Creek Trail is within one mile of the property and provides direct access to the Cherry Creek Mall. The property is approximately seven miles from Denver’s central business district, and the community is near several employment centers, including Buckley Air Force Base, Children's Hospital Colorado Anschutz Medical Campus and Denver Tech Center, which are all within 6.5 to 9 miles from the property. Additionally, the community is 3.5 miles from the Colorado Light Rail Station on the Southeast Rail Line. The HFF debt placement team representing the borrower was led by Josh Simon and Eric Tupler. About Advenir, Inc. Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates income multifamily rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated 15,500 multifamily units valued at more than $2 billion. Advenir’s current portfolio consists of 8,760 apartment units valued at more than $1 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 275 employees and regional offices in Florida, Texas, and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation. About HFF 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. $31.2 million acquisition financing secured by HFF for 345-unit multi-housing community in Denver, Colorado HFF