 |
Village at Coronado, Thornton, CO |
IRVINE, CA – HFF announced today that it has arranged $17.79
million in financing and $6.1 million in joint venture equity for the Village
at Coronado, a 390-unit multi-housing community in Thornton, Colorado.
 |
| David Bleiweiss |
HFF
worked on behalf of the borrower, Investors Management Group (“IMG”), to
arrange a joint venture equity partnership with KCB Real Estate Management
(“KCB”), who contributed $6.1 million in equity.
Additionally, on behalf of IMG and KCB, HFF secured a $17.8
million, 10-year, 3.85 percent fixed-rate loan through Freddie Mac’s (Federal
Home Loan Mortgage Corporation) CME Program.
The securitized
loan will be serviced by HFF through its Freddie Mac Program Plus®
Seller/Servicer program. The debt and
equity funding will allow IMG to further enhance the property beyond the
renovations the previous owner completed from 2007 to 2008.
 |
| Mark Erland |
The
Village at Coronado is located at 1769 Coronado Parkway North approximately 10
miles north of Denver in the Adams County submarket. Situated on 12.59 acres, the 94 percent leased property includes
390 units averaging 709 square feet each.
Community amenities include a fitness center, business center, three
swimming pools, dog park and picnic areas.
The
HFF team representing IMG and KCB was led by managing director David
Bleiweiss and director Mark Erland from HFF’s Orange County office
and director Josh Simon from HFF’s Denver office.
 |
| Josh Simon |
“The property was already outperforming projections at the
close of escrow so with the combination of the new capital improvement plan and
low interest, fixed-rate debt that HFF helped secure, this will be a very good
investment for all parties involved, producing a strong cash-on-cash return
from the start,” said Bleiweiss.
Investors Management Group, Inc. is a private investor firm
located in Los Angeles, California.
Established in 1993, IMG specializes in multifamily investments
nationwide. The members of the IMG team
have extensive experience in the origination, underwriting, acquisition,
management and repositioning of multifamily properties.
KCB Real Estate Management is a boutique real estate fund
manager that focuses on the “lower middle market” of assets that are too small
for larger institutions to acquire.
Founded in 1986, KCB has a long track record of successful and prudent
investing in a value-driven and tax-efficient manner.
For a complete copy
of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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