Done Deals: HFF announces $30.7 million in financing for two Denver-area multi-housing communities

Monday, December 24, 2018

HFF announces $30.7 million in financing for two Denver-area multi-housing communities

Estrella Apartments, 7050 Pecos Street, Denver, CO

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announces $30.777 million in financing in two separate transactions for two Denver multi-housing communities; Estrella Apartments and The Avalon.

Josh Simon

The HFF team worked on behalf of the borrower, Mountain View Capital, LLC, to secure the seven-year, floating-rate loans through Freddie Mac’s CME Program.

A $13.275 million loan was arranged for Estrella Apartments and a $17.502 million loan was placed on The Avalon.

Both securitized loans are refinancing existing Freddie Mac loans and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

The borrower refinanced with a float-to-float strategy to recapture some trapped equity created by the significant renovations conducted at each property while also allowing for continued loan flexibility and additional interest only amortization.

Estrella Apartments comprises 194 units located at 7050 Pecos Street. The Avalon is located at 629-645 Wolff Street and consists of 235 units. Both properties have been renovated within the last year, each at least receiving over $2MM in renovations.

Kristian Lichtenfels

The roofs at each property have been replaced, both properties have had the exteriors repainted, grounds have been improved with extensive interior unit renovations as well.

The HFF debt placement team representing the borrower included managing director Josh Simon and director Kristian Lichtenfels.

Mountain View Capital, LLC, the investment company for Boulder, Colorado-based Jeffrey K. Sanders, was formed in 2008 to develop and acquire long-term real estate investment opportunities.

Mountain View Capital’s current multifamily portfolio consists of over 1,700 units across seven properties in Colorado and Wyoming. Mountain View Capital’s strategy is to create long-term cash flows and substantial value appreciation with every investment.

Jeffrey K. Sanders

Since 2001, Mr. Sanders has been involved with the acquisition, repositioning and sale of over 4,000 apartment units and approximately 500,000 square feet of retail and office.