CO Apartment Asset Receives $38M Freddie Mac Loan

Thistle Sage

HFF has arranged $37.5 million in acquisition financing for Thistle Sage, a 418-unit, garden-style multifamily community in the Denver suburb of Northglenn, Colo.

Working on behalf of Jeffrey Sanders of Mountain View Capital LLC, HFF secured the seven-year, fixed-rate loan through Freddie Mac’s Capital Markets Execution (CME) program. HFF will service the securitized loan, with flexible prepayment and two years of interest-only amortization.

Built in 1971 and located at 11801 Washington St., Thistle Sage has 10 four-story residential buildings containing one- and two-bedroom units ranging from 460-910 square feet, according to Yardi Matrix. The 9.7-acre property was 95.2 percent occupied at closing.

Sanders acquired the property for $47 million from First Range Management, according to Yardi Matrix data. First Range had owned Thistle Sage since August 1995, when it paid $8.6 million for the property.

Located just east of Interstate 25, the property is approximately 13 miles north of the Denver CBD and near multiple retail amenities. Community amenities include two heated swimming pools, a grilling area, playground and more than 500 open parking spaces.

The HFF debt placement team representing the borrower consisted of Managing Director Josh Simon and Director Kristian Lichtenfels.

HFF transactions

“It is always a pleasure to work with the HFF team,” Sanders said in a prepared statement. “Their consistently flawless execution is a true asset when acquiring properties in the current competitive environment.”

In April, Sanders worked with Simon and Lichtenfels when they arranged $33.8 million in financing on behalf of Mountain View for Palisade Park, a 216-unit garden-style community in Broomfield, Colo. They were part of the HFF debt placement team representing the borrower and securing a seven-year, floating-rate loan through Freddie Mac’s CME program.

HFF also secured $21.9 million in financing for Mountain View in August 2017 for Coronado Crossing and Valley Park Village, two Denver multifamily assets. Coronado Crossing is a 194-unit property, and Valley Park Village comprises 236 units. The firm arranged the seven-year, floating-rate loans in two separate transactions through the Freddie Mac CME program.

Northglenn has seen its share of recent activity, with CBRE earlier this month announcing it had brokered the sale of two Denver area multifamily assets including The Oslo in Northglenn. Completed in 1974, The Oslo has 180 units and is located at 11501 Washington St. The second deal handled by CBRE in the region was The Croft at 7200 E. Evans, a 138-unit property in Southeast Denver.