DEAL OF THE DAY: Aurora Apartments Land Refinancing
A 584-unit apartment community in suburban Denver has been refinanced.
By Ioana Neamt, Associate Editor
Aurora, Colo.—HFF has arranged a $49.5 million refinancing deal for Liberty Creek Apartments, a 584-unit, garden-style residential community in the Denver suburb of Aurora, Colo.
Working on behalf of BMC Investments and Oak Coast, HFF placed the 10-year, fixed-rate acquisition loan with five years interest only, with Freddie Mac’s CME Program. The securitized loan will be serviced by the brokerage firm through its Freddie Mac Program Plus Seller/Servicer program. An HFF debt placement team led by Associate Director Brock Yaffe represented the borrower in the transaction.
“Working with Brock Yaffe and the HFF team made for a seamless loan process on what was a very complicated transaction,” Matthew Joblon, CEO of BMC Investments, said. “Liberty Creek made for an ideal opportunity to purchase, reposition, own and operate the property for the long-term, which is consistent with our business plan.”
Located at 13100 E. Kansas Drive, Liberty Creek consists of 42 two-story buildings with one- and two-bedroom units ranging from 653 to 882 square feet. Amenities include three heated swimming pools, basketball and tennis courts, fitness and business centers, clubhouse and children’s playground. The community also incorporates 784 parking spaces, nine laundry facilities, and easy access to the I-225, according to data from Yardi Matrix.
Image courtesy of Yardi Matrix