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Apr. 23, 2014

HFF Secures Financing for Hudson’s Bay Centre in Denver and Bella Springs in Colorado Springs

By Gabriel Circiog, Associate Editor

HFF recently announced that it has secured $21.5 million in financing for the Hudson’s Bay Centre. Working on behalf of the borrower, a 50-50 partnership between MDC Realty Advisors USA Inc. and Artis REIT, HFF placed the seven-year, 3.76 percent, fixed-rate loan with Principal Real Estate Investors. The loan proceed were used to acquire the Class A, 172,912-square-foot office building.

Located at 1600 Stout Street, along the mile long 16th Street Mall in the Midtown East section of Denver’s central business district, the 20-story transit-oriented Hudson’s Bay Centre is currently 96.4 percent leased. The property is adjacent to the 16th and Stout Station RTD light rail station and close to the 16th and California Station.

Over in Colorado Springs, HFF closed the $48.5 million sale of Bella Springs, a class A multi-housing community. HFF marketed the property on behalf of a joint venture between Griffis/Blessing Inc. and Consolidated Investment Group. The property was acquired by The Praedium Group and HFF secured a $31.525 million, five-year, 3.08 percent, interest only acquisition loan on behalf of the buyer through a life insurance company.

Located at 1050 Milano Point, the 364-unit Bella Springs was completed in 2001 and the property is currently 95 percent occupied. The community features numerous amenities, including a heated resort-style swimming pool and spa, fully-equipped fitness center, clubhouse, theater room and business center.

“In addition to its proximity to the prestigious United States Air Force Academy and the highly anticipated Copper Ridge mixed-use development, Bella Springs sits within one of Colorado Springs’ highest demographic areas.” says Jordan Robbins, director HFF investment sales team. “Furthermore, the asset is situated within the Academy School District 20, which is widely recognized as one of the top school districts in the State of Colorado. Coupled with outstanding panoramic views of the Rocky Mountains and numerous community amenities, Bella Springs presented prospective buyers with a high-quality investment opportunity with significant upside by continuing a proven value-add strategy.”

Photo Courtesy of: www.gbbellasprings.com

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