$29.8 million financing for 310-unit apartment community in Colorado Springs, CO arranged by HFF

Sunset Creek Apartments, 5400 North Nevada Avenue, Colorado Springs, CO

 

Josh Simon

DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $29.8 million in financing for Sunset Creek, a 310-unit apartment community in Colorado Springs, Colorado. 

Working on behalf of Advenir, Inc., HFF placed the seven-year, 2.49 percent, adjustable-rate loan with three years interest only with 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.  Loan proceeds were used to acquire the asset.  Advenir will rebrand the property as Advenir at The Village and will implement a capital improvement program to achieve great rental premiums.

Advenir at The Village is located at 5400 North Nevada Avenue approximately seven miles north of downtown Colorado Springs and nine miles south of the U.S. Air Force Academy along Interstate 25.

 Situated on 33 acres, the property is adjacent to the University of Colorado – Colorado Springs (UCCS) campus, which is home to 11,000 students, and borders the newly-constructed University Village Colorado shopping center that is occupied by Colorado Springs’ only Trader Joe’s.

Eric Tupler

 The community features one-, two- and three-bedroom floor plans and amenities such as a resort-style swimming pool, hot tub, tennis court, volleyball court, fitness center, picnic area and offers access to 40 miles of jogging and bicycle trails along the Santa Fe Trail. 

The HFF debt placement team representing the borrower was led by Josh Simon and Eric Tupler.

"Sunset Creek is uniquely positioned across the street from UCCS, the fastest growing university in the state and shares the property line with the city’s most robust retail center," said Advenir’s chief acquisition officer Todd Linden.  

“We are confident that we can add value by making significant improvements to the asset in order to garner increased rents and asset appreciation.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com