HFF Arranges $46M Fannie Mae Loan for Denver Community
Griffis Residential used the financing to acquire Talavera Apartments, where it plans substantial upgrades to everything from unit interiors to overall management and service.
Talavera Apartments (now Griffis Cherry Creek). Image courtesy of HFF
Borrower Griffis Residential has used an HFF-arranged loan to finance its Talavera Apartments acquisition in Denver, Colo. The 240-unit, mid-rise property gained a 10-year, $45.65 million Fannie Mae Green Rewards loan with a 3.53 percent fixed interest rate and full-term, interest-only payments. The loan was arranged through HFF’s risk-transfer joint venture with M&T Realty Capital Corp.
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The HFF team representing the borrower was led by Eric Tupler, senior managing director, and Josh Simon, managing director. At the time of closing, the 2008-built property was more than 97 percent occupied.
Close at hand
Located at 350 S. Jackson St., the rental community is proximate to many upscale shopping, restaurant and entertainment amenities of Cherry Creek in or near the Cherry Creek Shopping Center.
The property—which has been rebranded as Griffis Cherry Creek—offers studio, one- and two-bedroom floor plans. Apartments feature full-sized, stackable in-unit washers and dryers, black and stainless steel Energy Star appliances, electric fireplaces, custom-designed cherry or chestnut-finish cabinets and in select units oversized walk-in closets with custom shelving. The list of amenities is headed by a swimming pool and spa. At closing, the occupancy stood at more than 97 percent.
Residing in Griffis Cherry Creek puts residents within convenient reach of a number of natural attractions, including the 23-acre Denver Botanic Gardens, among the premier botanic gardens in the U.S.
Griffis Residential has planned an assortment of upgrades to the community, including interior improvements, enhanced resident experience and management and service improvements.
The company holds approximately $2 billion in multifamily assets and owns and manages more than 7,400 multifamily homes in primarily Western markets that besides Denver include Austin, Seattle, Los Angeles and Las Vegas.
