HFF Closes $31M Loan for Luxury Living Community

The senior living community is restricted to residents age 55 and above and offers convenient access to the First & Main Town Center, a shopping and entertainment destination.

Province Springs

Province Springs

HFF has arranged a $31 million loan for Province Springs, a 160-unit luxury independent living community in Colorado Springs, Colo. The company worked on behalf of the borrower, Paxion Real Estate Holdings, an affiliate of The Wolf Co. The loan was used to retire the existing construction financing.

Located at 2960 Tutt Blvd., the senior living property is restricted to residents age 55 and over. Various retail, dining and entertainment venues are situated along North Power Boulevard and north of Peterson Air Force Base and Colorado Springs Airport. Additionally, the garden-style development is located within the First & Main Town Center, a 1.4 million-square-foot shopping and entertainment destination just eight miles from downtown Colorado Springs.

Completed this year, the four-story community features a mix of studios, one- and two-bedroom units averaging 810 square feet. In-unit amenities include granite counter tops, stainless steel appliances, tile backsplashes, plank flooring, walk-in closets and washers and dryers. Common-area amenities include:

  • fitness center
  • wellness center with spa
  • full-service salon
  • indoor saltwater pool
  • dog park
  • theater room
  • arts studio
  • event space
  • private dining room
  • pub-style restaurant

Directors Nicole Brickhouse and Leon McBroom were part of HFF’s team that represented the borrower.

Image via Google Street View

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