TODAY'S DEALS: HFF Lands Acquisition Financing for Florida Asset

Enclave at Northwood

Clearwater, Fla.—Holliday Fenoglio Fowler has secured a 10-year Freddie Mac CME loan for a Stonebridge Investment affiliate’s acquisition of Enclave at Northwood, a 188-unit garden-style community located in Clearwater, Fla. The two-phased community is 96 percent occupied and features a mix of one-, two- and three-bedroom townhomes and villa units. Amenities include a pool with picnic area, fitness center and a tennis court.

“Stonebridge acquired the property on attractive terms as they successfully captured a very low interest rate on a long-term loan, which will allow them to further enhance the returns on this asset,” says Elliott Throne, the HFF director who represented the borrower along with senior real estate analyst Todd Adams.

ZRS Management LLC will provide property management services under the new ownership.

KeyBank provides $27.4M for two Colorado properties

Colorado Springs & Louisville, Co.—KeyBank Real Estate Capital has provided two loans totaling $27.4 million through Freddie Mac for two properties in Colorado.

On July 27, 2012, the bank closed an $8 million loan for sponsor Puma Investments for Conifers at Spring Creek, a 280-unit garden-style community located in Colorado Springs. A few days later on July 30, 2012, KeyBank closed a $19.4 million loan for borrower Grand Peaks Properties for Grand View at Flatirons, a 180-unit Class A complex located in Louisville, Co.

Both 10-year, fixed-rate loans were used to refinance existing mortgages on the properties and will amortize on a 30-year schedule.

MIG Real Estate continues expansion into Colorado with purchase of two properties

Denver—MIG Real Estate LLC, a Newport Beach, Calif.-based real estate investment company, acquired two properties in the Lakewood submarket of Denver: The Hamptons, a 312-unit residential community and The Huntington, a 288-unit residential community. The purchases are the fifth and sixth acquisitions for MIG Real Estate in Colorado.

The Hamptons is located at 8507 West Hampden Avenue in Lakewood. The property amenities include a modern clubhouse, two pools, a year-round spa, tennis and basketball courts, an internet café, and detached garages.

The Huntington is located at 8223 West Floyd Avenue in Lakewood. The property has a clubhouse with a pool, year round spa, tennis courts, and 24-hour fitness center.  The Huntington is adjacent to a city park and open space.

Both properties offer easy access to I-25 and C-470.  They are 20 minutes from downtown Denver and 15 minutes from the Denver Tech Center; and are also serviced by the RTD Park and Ride. Outdoor enthusiasts living in either location are near the mountains and will be able to enjoy hiking and mountain biking.

The Lakewood submarket is home to the Denver Federal Center, Saint Anthony’s Hospital and several major employers including Lockheed Martin, American Facility Maintenance and Ludvik Electric Company, as well as many local and regional retailers.

“Denver’s excellent demographic and job growth trends, coupled with limited new supply in the western submarkets, are expected to result in strong performance at the properties.” said Greg Merage, Chief Executive Officer of MIG Real Estate.

Dan Woodward, David Potarf, Tyler Anderson, and Sean Cunningham of CBRE Inc. represented the seller in the transaction. MIG Real Estate represented itself. Alliance Residential, a national multifamily operator, will manage the property for MIG.

MIG Real Estate has continued to expand its portfolio into growth markets since 2009. Its strategic plan focuses on well-located properties with a “value-add” component. The company has completed nearly $600 million in acquisitions in the past three years through direct acquisitions of office, retail, hotel and multifamily properties in major markets principally throughout the western states.