TODAY’S DEALS: HFF Arranges $6.1M in JV Equity, $17.8M Mortgage for Colorado Apartments
Thornton, Colo.—HFF announced that it has arranged $17.79 million in financing and $6.1 million in joint venture equity for the Village at Coronado, a 390-unit multi-housing community in Thornton, Colo.
HFF worked on behalf of the borrower, Investors Management Group (IMG), to arrange a joint venture equity partnership with KCB Real Estate Management (KCB), who contributed $6.1 million in equity.
Additionally, on behalf of IMG and KCB, HFF secured a $17.8 million, 10-year, 3.85 percent fixed-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. The debt and equity funding will allow IMG to further enhance the property beyond the renovations the previous owner completed from 2007 to 2008.
The Village at Coronado is located at 1769 Coronado Parkway North approximately 10 miles north of Denver in the Adams County submarket. Situated on 12.59 acres, the 94 percent leased property includes 390 units averaging 709 square feet each. Community amenities include a fitness center, business center, three swimming pools, dog park and picnic areas.
The HFF team representing IMG and KCB was led by managing director David Bleiweiss and director Mark Erland from HFF’s Orange County office and director Josh Simon from HFF’s Denver office.
“The property was already outperforming projections at the close of escrow so with the combination of the new capital improvement plan and low interest, fixed-rate debt that HFF helped secure, this will be a very good investment for all parties involved, producing a strong cash-on-cash return from the start,” Bleiweiss says.
NorthMarq Capital completes $12.56M Freddie Mac mortgage
Seattle—Ron Peterson, senior vice president/managing director of NorthMarq’s Seattle Regional office, arranged first mortgage refinancing of $12.56 million for Avanti Apartments, a 93-unit, market-rate multifamily property located at 1401 Boren Avenue in Seattle.
Financing was based on a 10-year interest-only term at 60 percent LTV. NorthMarq arranged this financing for the borrower through its seller-servicer relationship with Freddie Mac.Tags: Acquisitions/Dispositions, Avanti Apartments, Freddie Mac, HFF, investment, NorthMarq Capital, Village at Coronado