Tuesday, April 22, 2014

HFF secures acquisition financing for Denver, CO multi-housing community


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. 

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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