HFF has arranged $33.8 million in financing for Palisade Park on behalf of Jefferey Sanders of Mountain View Capital LLC. The 216-unit garden-style community is situated in the north Denver suburb of Broomfield, Colo.
Managing Director Josh Simon and Director Kristian Lichtenfels were part of the debt placement team representing the borrower. The seven-year, floating-rate loan was secured through Freddie Mac’s Capital Markets Execution (CME) program.
The eight, three-story buildings sit on approximately 8.3 acres at 16815 Huron St., just off Interstate 25. Built in 2017, Palisade Park offers one-, two- and three-bedroom units ranging from 731 to 1,247 square feet . The units feature walk-in closets, granite countertops, stainless steel appliances, Wi-Fi and fully-equipped kitchen. According to Yardi Matrix, the property was 94 percent occupied and had an average rental rate of $1,502 as of March.
Common space amenities
The community features a 6,000-square-foot clubhouse and other amenities such as:
- 24-hour fitness center
- swimming pool with sundeck
- media center
- business center
- pergola with gas grills
- fire pit
- dog wash
- bicycle repair room
- dog park
The loan, which will be used to refinance expiring construction financing for the property, will be securitized by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Image courtesy of Yardi Matrix
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].