DENVER, CO - HFF announced today that it has arranged $26.368 million in financing for BMC Investments to acquire Lakeview Apartments, a 504-unit, garden-style apartment building in Westminster, Colorado.
HFF worked on behalf of BMC Investments (BMC) to place a $26.368 million, 10-year (three years interest only), 3.65 percent, fixed-rate loan for Lakeview Apartments 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.
Lakeview Apartments, at 3701 West 68th Avenue, is situated on 15.12 acres at the intersection of West 68th Avenue and Lowell Boulevard within three blocks of a to-be-built light rail station in Westminster, Colorado, a town less than 10 miles north of downtown Denver. The property is composed of 12 four-story buildings with an average unit size of 836 square feet.
HFF’s debt placement team was led by associate director Brock Yaffe and real estate analyst Kristian Lichtenfels.
"HFF provided the most competitive financing terms available in the market in a streamlined and efficiently managed process resulting in a successful closing,” said Matt Joblon, CEO of BMC.
BMC has built a vertically integrated investment, development and property management platform across a variety of asset classes. BMC has leveraged its principals’ development and investment expertise and currently owns and manages a 2,500 unit multifamily portfolio valued at over $200 million along with over $250 million of development projects under construction or in the planning stages. Headquartered in Cherry Creek, BMC has grown to over 100 employees and strives for industry best practices through disciplined acquisition standards and a fully integrated investment, development and asset management platform, together with its property management affiliate, BLDG Management.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.