DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $6.885 million in financing for Peak 4420, a 209-unit, garden-style multi-housing community in Colorado Springs, Colorado.
Working on behalf of POV Investment Group, LLC, an affiliate of Radford Investment Properties, HFF placed the seven-year loan with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized, floating-rate loan has two years of interest only with flexible prepayment and will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Peak 4420 is located at 4420 East Pikes Peak Avenue to the east of downtown Colorado Springs and near major thoroughfares, including State Highway 24, Route 21 and Interstate 25, providing convenient access to the area’s core employment centers. The seven-building property has studio, one- and two-bedroom units ranging from 520 to 750 square feet. Community amenities include a swimming pool, dog park and playground.
The HFF debt placement team representing the borrower was led by associate director Brock Yaffe.
"HFF was exceptional to work with on this refinance, which allowed our investors to recoup the vast majority of their initial investment while providing additional capital for continued improvements to the property. HFF's team delivered and exceeded on our agreed terms and I look forward to working with them on future deals," said Michael Foerster, principal for Radford Investment Properties.
About Radford Investment Properties: Denver-based Radford Investment Properties (Radford) is a privately owned real estate firm specializing in property investment and renovation in Denver, Colorado. Since 2001, the company and its principals have consistently provided the highest level of quality, service, and investment returns to its clients and investors. Radford’s principal business is multi-unit housing with a portfolio of currently owned and managed investments consisting of multifamily buildings and townhome/condominium units totaling 581 units in the Denver metro and Colorado Springs regions. The distinguishing feature of the portfolio is its potential for repositioning via property renovations. The firm focuses primarily on purchasing properties that can be improved both in terms of the physical characteristics of the property and the corresponding financial effects of increased cash flow and property value.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.