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| Villas at Parker, 1090 South Parker Drive, Denver, CO |
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| Josh Simon |
DENVER, CO – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged $31.2 million in
acquisition financing for Villas at
Parker, a 345-unit, garden-style multi-housing community in Denver,
Colorado.
HFF worked on behalf of
the borrower, Advenir, Inc., to place the seven-year, 2.69-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@Cherry Creek North and will implement a capital
improvement program to achieve greater rental premiums.
Villas at Parker has
studio, one- and two-bedroom units averaging 724 square feet. The 96-percent-leased community consists of
15 buildings plus a clubhouse and features a heated outdoor swimming pool,
business center, fitness center, park and playground area, picnic areas and
covered parking.
Situated on 17.36 acres at 1090 South Parker
Drive, Villas at Parker is located in southwest Denver with immediate access to
the High Line Canal Trail, Denver’s 850-mile network of hiking and biking
trails. The Cherry Creek Trail is within
one mile of the property and provides direct access to the Cherry Creek
Mall.
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| Eric Tupler |
The property is
approximately seven miles from Denver’s central business district, and the
community is near several employment centers, including Buckley Air Force Base,
Children's Hospital Colorado Anschutz Medical Campus and Denver Tech Center,
which are all within 6.5 to 9 miles from the property.
Additionally, the
community is 3.5 miles from the Colorado Light Rail Station on the Southeast Rail
Line.
The HFF debt placement
team representing the borrower was led by Josh
Simon and Eric Tupler.
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
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