Trending Multifamily News
DENVER, CO – June 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $45.65 million in financing for Talavera Apartments, a 240-unit, mid-rise multi-housing community located in Denver, Colorado.
HFF worked on behalf of the borrower, Denver-based Griffis Residential, to secure the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corporation. The loan, which was used to fund the acquisition of the property, carries a 3.53% fixed interest rate with full-term interest-only payments.
Talavera Apartments is located at 350 South Jackson Street near Cherry Creek’s numerous high-end retail, dining and entertainment amenities. Built in 2008, the property features a mix of studio, one-bedroom and two-bedroom units averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers and dryers, stainless steel appliances and Amazon lockers. The property was more than 97% leased at closing.
“HFF has again proven to be a strong partner, working with Griffis Residential to secure financing for a high-quality asset in our latest real estate investment fund,” said Jim DiRienzo, senior vice president of acquisitions at Griffis Residential. “The apartment homes at Talavera, which has been renamed Griffis Cherry Creek, are primed for interior improvements and additional elements of our investment strategy, including enhanced resident experience, ancillary income initiatives, and management and service upgrades.”
The HFF team representing the borrower was led by senior managing director Eric Tupler and managing director Josh Simon.
SAN DIEGO, CA – June 19, 2019 – HFF announces it has arranged financing for the development of Carroll Canyon, a luxury residential and retail mixed-use development in San Diego’s affluent Scripps Ranch community.
HFF worked on behalf of Sudberry Properties to arrange a construction loan through a commercial bank. Additionally, HFF secured mezzanine financing from a correspondent life company lender.
Carroll Canyon will consist of 260 apartment units and approximately 10,700 square feet of retail space that will be leased to a mix of national and regional retailers. The property sits at the northeast corner of the intersection of Interstate 15 and Carroll Canyon Road in the heart of Scripps Ranch, a centralized suburban location less than 30 minutes from beaches, North County San Diego and the San Diego International Airport. The residential component will feature high-end units averaging 908 square feet and common area amenities, including a community lounge, fitness center, spa, in-unit laundry rooms along with a mix of garage, carport and open stalls for parking. The project is due for completion in second quarter 2021.
The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and director Olga Walsh.