HFF Arranges Financing for Denver Property
- Sep 26, 2017
HFF arranged $11.1 million financing for Peak 4420, a 209-unit, garden-style community located in Colorado Springs, Colo. The company placed a 10-year, non-recourse, fixed-rate loan on behalf of POV Investment Group LLC, an affiliate of Radford Investment Properties.
Peak 4420 consists of seven three-story buildings, which feature one- and two-bedroom units ranging in size from 520 to 850 square feet. According to data provider Yardi Matrix, the community had an average rental rate of $682 as of August and a high occupancy rate of 99.5 percent.
Located at 4420 E. Pikes Peak Ave., in the north-east corner of Pikes Peak Avenue and Murray Road, the development is conveniently situated close to shopping and entertainment options. Jack Swigert Aerospace Academy, Mitchell High School and Roosevelt Edison Charter School are also located nearby.
The pet-friendly community offers unit amenities such as hardwood floors, refrigerator, patio/balcony, dishwasher, walk-in closets and air conditioning. Built in 1985, common area features include:
- swimming pool
- laundry facilities
- barbecue/grill area
- basketball court
“Radford has now closed several loans with HFF, and we have always been very pleased with their efficiency and ability to hold the agreed upon loan terms,” a representative from Radford said in a statement. “We were able to lock-in an outstanding long-term fixed rate even in this low interest rate environment, all whilst their Houston office was dealing with a devastating hurricane. We couldn’t be happier with the result.”
Image courtesy of Yardi Matrix