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| Eric Frank |
SAN DIEGO, CA – HFF
announced today that it has secured acquisition financing for Fairways
at Lowry, a 450-unit multi-housing community
in the Lowry submarket of Denver, Colorado.
HFF worked on behalf of a
joint venture between Cardinal Group Investments LLC and Capital Solutions to
secure the 12-year fixed-rate loan through FNMA. The loan was used to acquire the property and will provide funds
for capital improvements to the property.
The Fairways at Lowry is
situated on a 14.5-acre site across from the Common Ground Golf Course at 9913
E 1st Avenue in east Denver.
The property is positioned near three
redevelopment sites; the decommissioned Lowry Air Force Base, Denver’s
Stapleton Airport, as well as the Fitzsimons Life Science District and the
Anschutz Medical Campus.
 |
| Pat Burger |
The sponsor’s renovation
plan will include renovating interiors of all 450 units as well as landscaping
improvements and an amenity suite upgrade.
“We’re very excited to
add the Fairways at Lowry to our growing portfolio of multifamily assets,” said
Eric Frank, managing principal of
Cardinal Group.
“We believe that Lowry,
Stapleton and Fitzsimons, which combined have created nearly $10 billion in
redevelopment activity, have just begun to impact this submarket and we’re
excited to get to work and to take advantage of this opportunity.”
The HFF debt placement team
representing the borrower was led by directors Pat Burger and Josh Simon
and senior managing director Tim Wright.
Cardinal Group is a fully
integrated real estate investment, development, management and advisory firm
specializing in opportunistic and value-added investments throughout the United
States.
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| Josh Simon |
The firm acts as a sponsor of
private equity real estate partnerships and provides asset management services
through its investment company, Cardinal Group Investments, LLC (“CGI”).
CGI’s affiliate management company, Cardinal
Group Management, LLC (“CGM”), provides property and construction management
services to all CGI’s owned assets as well as to outside owners on a
third-party basis.
Capital Solutions is a
Philadelphia-based investment firm specializing in real estate and private
equity investments
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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel
617.543.4873 | www.hfflp.com
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