TODAY’S DEALS: HFF Sources $44.5M for Denver Asset
HFF secures financing for a 328-unit asset; a community in Pennsylvania trades for $22.7 million; and Alliance originates a $4.5 million loan at 3.9 percent interest rate.
Denver—Holliday Fenoglio Fowler secured $44.5 million in financing for Lugano Cherry Creek, a 328-unit Class A community located in Denver’s prestigious Cherry Creek submarket. HFF worked on behalf of the owner, a fund managed by GenCap Partners Inc., to secure the two-year, adjustable-rate loan through GE Capital Real Estate.
Lugano Cherry Creek is comprised of two four-story buildings that include ground-floor retail and structured garage parking. The asset is currently more than 90 percent occupied. Community amenities include courtyards, 1.5 acres of green space, a club room with gaming and lounge area, resort-style swimming pool with heated sun deck, and views of the Rocky Mountains.
GenCap Partners Inc. is a Dallas-based real estate investment adviser. The company and its affiliates have developed more than 4,100 apartment units worth in excess of $344 million since 1997.
Pennsylvania asset trades for $22.7MCrossings at Mill Creek
Lancaster, Pa.—Marcus & Millichap Real Estate Investment Services has brokered the sale of Crossings at Mill Creek, a 338-unit, 327,604-square foot, garden-style asset located in Lancaster, Pa. The $22.7 million sales price represents $67,012 per unit.
“Crossings at Mill Creek sits in a strong Lancaster rental market and was offered free and clear of debt,” says Donald MacLaren, first vice president of investments at Marcus & Millichap. “The seller had done a nice job repositioning the property over the past several years and that allowed the asset to compete more effectively in the marketplace.”
MacLaren worked with senior associates Clarke Talone and Andrew Townsend in representing the seller, a large institution. The trio also secured the buyer, a local limited partnership.
Crossings at Mill Creek’s unit mix features 70 percent two- and three-bedroom apartments. Community amenities include two swimming pools, two playgrounds and laundry facilities.
Alliance originates $4.5M loan at 3.90% interest rate
Keizer, Ore.—Alliant Capital LLC, a leading national debt financier for the multifamily industry, announces the $4.5 million refinance of a 92-unit garden style multifamily property, located in Keizer, Ore. This transaction was originated by Dan Ross, Alliant’s senior vice president for the Pacific Northwest Region.
The loan was closed on July 18, 2012 with a 3.90 percent interest rate and a 10-year fixed rate term with 30-year amortization. This loan was sized to 65 percent loan-to-value and 1.35 debt coverage.