DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announces $47.175 million in financing for the development of Brickhouse at Lamar Station, a 293-unit, Class A apartment property in Lakewood, Colorado.
The HFF team worked exclusively on behalf of Riverpoint Partners and Iron River Management, LLC to secure the 15-year construction-to-permanent loan through a correspondent insurance company lender. The loan includes three years of interest-only, which is followed by a 35-year amortization schedule. The financing represents 65 percent of the anticipated total project costs and features the potential for additional loan proceeds upon stabilization.
Brickhouse at Lamar Station will be located on a 3.75-acre site at 6300 W. 13th Avenue within walking distance to the Lamar Station light rail stop. The property will total four floors above ground and one level of underground parking. Brickhouse at Lamar Station, which will consist of units averaging 748 square feet, is designed to include unparalleled amenities and finishes compared to existing properties in the area, including stainless steel appliances, granite and quartz countertops, washers and dryers, wood flooring, and balconies or patios. Common area amenities include a swimming pool, two spacious interior courtyards, fire pits, grilling stations, a large community room, 24-hour fitness center, yoga studio, top-floor club room, business center and pet spa. Completion is expected in mid-2020.
The HFF debt placement team representing the borrower consisted of managing director Josh Simon and director Kristian Lichtenfels.
About Riverpoint Partners: Riverpoint Partners is a Denver-based investment and development firm founded on a passion for dynamic neighborhoods and businesses. It was created out of a desire to focus on thoughtful, community-minded developments that fill an existing void — creating value for the people who live, work and invest in those areas. With expertise across a diversified mix of asset types, Riverpoint Partners excels at recognizing exceptional opportunities, evaluating risk and rewards thoroughly and acquiring land or properties at the optimum time. The firm works across an array of projects from renovation of existing buildings to purchasing raw land and creating new construction that will fill a niche in that community.
About Iron River Management, LLC: Iron River Management, LLC has been involved in the ownership, management and development of multifamily residential real estate since the early 1970’s. With over 40 years of experience, Iron River has grown and diversified its operations into separate affiliated entities that concentrate their expertise in the fields of property management, property acquisition and property development. As of 2018, the company owns four properties, totaling over 1,000 multifamily units, with an estimated market value of over $200 million.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.