HFF Arranges $47M Loan for Suburban Denver Community
- Mar 02, 2017
Denver—HFF has arranged a $46.6 million loan for Landon Park, a 512-unit, garden-style community in the Denver suburb of Aurora, Colo. HFF worked on behalf of the borrower and property owner, BMC Investments, to secure the 10-year, 4.4 percent, fixed-rate loan with a five-year interest only through Freddie Mac’s CME Program. The HFF debt placement team representing the borrower was led by associate directors Brock Yaffe and Kristian Lichtenfels.
Located at 100 S. Sable Blvd., the community features one- and two-bedroom units averaging 725 square feet. Amenities include two outdoor pools, water features, park-like paths, a fitness center, business center, playground, a clubhouse, two soccer courts and picnic areas. According to Yardi Matrix data, the community was 89.9 percent occupied as of January 2017.
“We believe the location of this property, in this part of Aurora, presents an uncommon investment opportunity in a market that continues to be a hot spot for investors,” said Max Bresner, COO of BMC Investments, in prepared remarks. “The new light rail stop, walkability to retail and entertainment, and proximity to major job centers aligns seamlessly with our long-term investment strategy. When paired with the exceptional track record of our property management affiliate, BLDG Management, we expect to add significant value to the asset and the surrounding area.”
Image courtesy of Yardi Matrix