Sunday, March 27, 2016

HFF arranges financing totaling $22.226 million for townhome-style apartment communities in Denver, CO


Platt Park North One and Two Apartments, Platt Park Neighborhood, Denver , CO

 DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged two separate financings totaling $22.226 million for Platt Park North One and Two, two newly-built, 30-unit, Class A, townhome-style apartment communities in Denver’s Platt Park neighborhood.

The combined property (“Platt Park North”) consists of 60 units across 10 buildings, owned separately by Pando Holdings (five buildings) and CF Investments (five buildings).

Leon McBroom
 HFF worked exclusively on behalf of each borrower to secure the seven-year, floating-rate loans through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.

  Both loans, which closed at 2.84 and 2.88 percent interest respectively with two years of interest-only payments, used a forward spread lock component to lock in pricing before spreads started to increase in the market and were used to replace existing construction financing.

 The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Completed in 2015, Platt Park North offers a mix of two- and three-bedroom floor plans averaging 1,426 square feet.  The for-rent residences feature energy-efficient construction materials; in-unit laundry facilities; mudrooms; balconies; Nest® thermostats; ENERGY STAR®-rated appliances and windows; and attached two-car garages. 

The property is located just south of the Broadway/Interstate 25 interchange at 110-390 East Mississippi and 1110-1140 South Lincoln Street, approximately 3.3 miles south of downtown Denver.

Josh Simon
 Situated one half of a mile from two light rail stations, the transit-oriented property is walkable to Old South Pearl Street, which is home to multiple retail, dining and nightlife amenities.

 Additionally, within a half mile of the community is the 165-acre Washington Park with its two lakes, historic boathouse, tennis courts, horseshoe pits and seven miles of bicycle/jogging trails.

The HFF debt placement team representing Pando Holdings and CF Investments was led by managing director Josh Simon and associate director Leon McBroom.

 “By doing two separate loans on 30-unit projects, we were able to have these qualify as uncapped business for Freddie Mac,” said McBroom.  “This allowed us to get the borrowers more advantageous pricing and flexibility on their exit strategies.”

  For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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