By Ioana Neamt, Associate Editor
Denver—HFF secured $22.2 million in financing for Platt Park North One & Two, two townhome-style apartment communities in the Mile-High City.
The company secured the seven-year, floating-rate loans through Freddie Mac’s CME Program, working on behalf of two separate borrowers. The 10-building, 60-unit Platt Park North property is owned separately by Pando Holdings and CF Investments.
The securitized loans closed at 2.84 and 2.88 percent interest with two years of interest-only payment. Additionally, the loans used a forward spread lock component to lock in pricing before the increase of spreads on the market. The loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. An HFF debt placement team led by Managing Director Josh Simon and Associate Director Leon McBroom represented the borrowers in the financing deal.
“By doing two separate loans on 30-unit projects, we were able to have these qualify as uncapped business for Freddie Mac,” McBroom said in a statement. “This allowed us to get the borrowers more advantageous pricing and flexibility on their exit strategies.”
Located at 1131 S. Sherman St., just south of the Broadway/I-25 interchange, Platt Park North is roughly 3.3 miles south of downtown Denver. The community offers easy access to light rail stations, the Old South Pearl Street and the 165-acre Washington Park.
Completed in 2015, the Class A community offers a mix of two- and three-bedroom apartment units averaging 1,426 square feet. Amenities at the site include energy-efficient construction materials, ENERGY STAR-rated appliances and windows, 120 parking spaces, and in-unit laundry facilities, among others.
Image courtesy of Cornerstone Urban Apartment Living