HFF Arranges $21M Loan for CO Senior Housing
- Dec 12, 2018
After arranging $31 million for Province Springs last month, HFF has arranged $21.4 million in financing for The Avenues Crofton Park, a senior housing community in Broomfield, Colo. The firm secured a 10-year, fixed rate loan through Freddie Mac’s CME Program.
The HFF team representing the borrower, The Avenues Crofton Park LLC, included Director Leon McBroom. Upon closing, the community was 98 percent occupied.
Located at 12431 King Court, the 55-plus, age-restricted property comprises 70 apartment homes and 20 cottages. Interior features include granite countertops, pantries, walk-in closets, private balcony/patios, stainless steel appliances, walk-in showers, high-efficiency washer/dryers and solid wood cabinetry. Residents have access to common area amenities including:
- onsite management and concierge
- outdoor patio with fire pit, grill, kitchen and sitting spaces
- water feature
- open demonstration kitchen
- event room
- access to local trails and parks
- fitness center with yoga pad
- community gardens and gazebo
- Social Hour events
- billiard lounge and game room
- private dining room and catering kitchen
- indoor/outdoor reading nooks
“This financing request achieved strong interest from both insurance companies and the agency lenders,” McBroom told MHN. “Lenders quickly realized the strength of the sponsor/operator and recognized the strength of their knowledge and experience in the 55+ senior boutique living space, which is a niche space. The interest and, ultimately, the execution was driven by the best-in-class sponsor/operator and the beautiful product they delivered.”
The community was developed by McBroom Co. and is managed by The Avenues Co. The Avenues Crofton Park is within close proximity to Interstate 25 and Highway 36, providing access to Denver, Boulder and the Rocky Mountains.
Image courtesy of HFF