FCP Secures $34M Refi for North Denver Asset
The company acquired the property from Avanti Residential for $55 million this summer.
The Heights on Huron
Capital One has provided a $33.8 million refinance loan for the 252-unit Heights on Huron in Northglenn, Colo. The floating-rate, 10-year loan also includes five years of interest-only payments.
FCP purchased the property from Avanti Residential in July for $55 million, according to Yardi Matrix data. The sale was subject to a $67.7 million acquisition and development loan. Previously in 2013, Heights on Huron changed hands for $16.4 million, the same source shows.
Capital One Senior Vice Presidents of Agency Finance Jonathan Pratt and Rossana Bouchaya, along with Assistant Vice President of Agency Finance Patrick Greenwood, facilitated the Freddie Mac loan.
A value-add opportunity
Completed in 1969, Heights on Huron will undergo a $3 million renovation, Pratt said in prepared remarks. The property encompasses 21 buildings with one- and two-bedroom units ranging in size between 595 and 750 square feet. Common-area amenities include a playground, three swimming pools, a dog park, a picnic area, parking spaces and 17 laundry facilitates.
Located at 10648 Huron St., the community is close to Interstate 25, which provides easy access to downtown Denver. There are several dining options, retail spaces and entertainment venues in the proximity, such as Boondocks Food & Fun, Butterfly Pavilion and Denver Premium Outlets. Green areas such as Broomfield Commons and Camenisch Park are within a 6-mile radius of the property.
FCP has owned or financed more than 49.000 multifamily units since 1999. The company recently broke ground on a mixed-use development in Indian Land, S.C. Developed through a joint venture with Crosland Southeast, the project is slated for completion in 2024.
