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| Lugano Cherry Creek Apartments, located on the northwest corner of East Iliff Avenue and South Emporia Street in the East Cherry Creek submarket of Denver, CO |
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| Jordan Robbins |
DENVER, CO – HFF announced today that it has closed the
$67.896 million sale of and secured $44.132 million in acquisition financing
for Lugano Cherry Creek, a 328-unit, Class A multi-housing community in
Denver, Colorado.
HFF marketed the asset on behalf of the seller, a fund
managed by GenCap Partners, Inc. Brass
Enterprises Inc. purchased the property for $67.896 million free and clear of
existing debt.
HFF worked on behalf of the new owner to secure a
seven-year, 3.45 percent fixed-rate acquisition 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. HFF previously arranged
financing for the property on behalf of the seller in 2012.
Lugano Cherry Creek is located on the northwest corner of
East Iliff Avenue and South Emporia Street in the East Cherry Creek submarket
of Denver.
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| Jeffrey Haag |
The community is comprised of two four-story buildings that
include ground-floor retail and a structured garage parking. Units include one-, two and three-bedroom
options averaging 1,025 square feet each.
Approximately 95 percent occupied, the community offers amenities such
as two interior courtyards, 1.5 acres of green space, a club room and lounge
area, resort-style swimming pool with heated sun deck and views of the Rocky
Mountains.
The HFF investment sales team representing the seller was
led by managing director Jordan Robbins, associate director Jeff Haag
and real estate analyst Jared Buffington.
HFF’s debt placement team was led by managing director Josh
Simon and real estate analyst Matt Gangaware.
GenCap Partners, Inc. is a Dallas, Texas-based real estate
investment advisor that provides real estate investment products to European
and domestic institutions.
The funds
they manage specialize in the development and acquisition of multifamily,
office and industrial properties.
GenCap and its affiliates have developed more than 4,100 apartment units
worth in excess of $344 million since 1997.
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| Josh Simon |
Brass Enterprises Inc. is a Toronto-based real estate
investment company focused exclusively on investment in multifamily residential
properties.
The company's primary
objective as a major investor in all of its projects is to use its
multi-generational experience to create value through improvements in
efficiency and focus on superior tenant service.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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