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| Josh Simon |
DENVER, CO – HFF announced it has secured a $34.5
million refinancing for Prana Apartment Homes, a 254-unit multi-housing
property in Lafayette, Colorado.
Working exclusively on behalf of the borrower, LLJ Stratford Prana, LLC,
HFF placed the 10-year, 4.74 percent, fixed-rate loan with Fannie Mae through
HFF’s correspondent relationship with M&T Realty Capital Corporation.
The forward rate lock refinance replaced a significantly
higher rate HUD loan, which was closed to prepayment until May 2014.
The new Fannie Mae loan provided the
borrower with a lower overall interest rate and five years of interest-only
amortization, as well as some cash-out proceeds above the existing loan
balance.
Prana
Apartment Homes is situated on an 11.1-acre site at 550 Viridian Drive adjacent
to the Exempla Good Samaritan Medical Center and Kaiser’s Rock Creek Medical
Offices in southeastern Boulder County.
 |
| Eric Tupler |
The property is a short drive from downtown Denver and downtown Boulder
and is close to US-36 and Northwest Parkway.
Competed in 2010, Prana Apartment Homes has 11 residential buildings
with one-, two- and three-bedroom units averaging 990 square feet each.
Each unit also features a full-size single
car garage. The 96.4 percent leased
property offers residents a clubhouse with cyber café, 24-hour health club,
Junior Olympic swimming pool, heated pet washing station, and entertainment areas
with billiards and foosball.
The
HFF team representing the borrower was led by director Josh Simon,
senior managing director Eric Tupler and real estate analyst Chad
Murray.
“The
borrower executed their business plan to perfection with this refinance,” said
Simon, “They bought the property in December 2012 at a great price with the
plan to put more accretive financing in place once the assumable HUD loan
opened to prepayment. Not only did they
lower their borrowing costs with this refinance, but they were able to return
some of their equity as part of this financing.”
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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