IRVINE, CA –HFF announced today that it has arranged $167 million in first trust deed and mezzanine financing for The Breakers Resort (top left photo), a six-village, 1,523-unit, Class A multi-housing community in Denver, Colorado. HFF worked exclusively on behalf of the borrower, a joint venture between The Bascom Group and Koelbel and Company.
The financing involved securing a $132 million floating-rate first trust deed through ING Real Estate Finance, and a $35 million mezzanine loan from Blackstone. The non-recourse loan was interest-only and featured a combined interest rate of 4.6 percent. Proceeds were used to pay off existing maturing debt and fund capital improvements.
Situated on 127 acres, The Breakers Resort is located at 9099 East Mississippi Avenue close to Cherry Creek, the Lowry Redevelopment and a new community shopping center. The “strongly performing” property is 96 percent leased and is comprised of six interconnected communities, each with their own clubhouse, surrounding a 55-acre recreational lake.
The project has an attractive low density of 14 units to the acre and has a master clubhouse featuring a large fitness center with views of the Rockies, restaurant, business center, community room and private theater.
The property has 50 one- and two-bedroom floorplans averaging 1,019 square feet each. Also included, is an 18.23-acre apartment development parcel, which is one of the best remaining infill apartment sites in Denver, according to HFF.
The HFF team representing the borrowers was led by director Mark Erland and associate director Charles Halladay (middle right photo) in Orange County, and senior managing director Mona Carlton (lower left photo) in Dallas.
”The loan structure was chosen because of the competitive interest rate, the low combined loan constant, prepayment flexibility, funds available to finance capital improvements, and certainty of execution,” said Erland.
“ING Real Estate Finance and Blackstone provided a very competitive combined financing structure and were highly responsive to the loan request.
“ We had less than one month to close the refinance, and the good working relationship between the two lenders gave HFF confidence in making the recommendation to proceed.
“The borrower closed in 29 days from application, which was a testament to the skill of the combined closing team.”
For more information, visit www.koelbelco.com.
Contacts:
Charles W. Halladay, HFF Associate Director, (949) 253-8800, challaday@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
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