HFF Secures Financing for Colorado Multifamily Asset
- Dec 02, 2015
Working on behalf of POV Investment Group LLC, an affiliate of Denver-based Radford Investment Properties, HFF has managed to secure a $6.8 million Freddie Mac loan to finance Peak 4420, a seven-building multifamily community in El Paso County, Colo.
HFF placed the seven-year, floating-rate, securitized loan with only two years interest with Freddie Mac’s CME Program. The loan will be serviced by the brokerage firm through its Freddie Mac Program Plus Seller/Servicer program.
“HFF was exceptional to work with on this refinance, which allowed our investors to recoup the vast majority of their initial investment while providing additional capital for continued improvements to the property,” stated Michael Foerster, principal for Radford. “HFF’s team delivered and exceeded on our agreed terms and I look forward to working with them on future deals.”
Located at 4420 E. Pikes Peak Ave., near State Highway 24, Route 21 and the I-25, the community consists of 209 studio, one- and two-bedroom apartment units ranging from 520 to 750 square feet in size. Amenities at Peak 4420 include a swimming pool, basketball court, spa, two laundry facilities, and 420 parking spaces, according to data from Yardi Matrix.
An HFF debt placement team led by Associate Director Brock Yaffe represented the borrower in the transaction.