DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announces $15.1 million in financing for Advenir at Del Arte Townhomes, a 94-unit multi-housing community in Aurora, Colorado.
The HFF team worked on behalf of the borrower, Advenir, Inc., to secure the seven-year, fixed-rate loan through Freddie Mac’s Green Up Program. The securitized loan was used to refinance existing floating-rate debt on the property, and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
The refinance was a continuation of the borrower’s strategy to mitigate interest-rate risk amid the current rising rate environment. The borrower was able replace their existing 5.15 percent, floating rate at closing with a 4.25 percent, seven-year fixed rate. The fixed-rate conversion took the ongoing LIBOR adjustment risk off the table and ultimately provided the borrower with a reduction in the all-in rate with additional interest-only amortization.
Advenir at Del Arte Townhomes is located at 11135 E. Alameda Avenue, which offers nearby access to Interstates 25, 225 and 70. The property’s 94 townhome-style units are 93 percent occupied and comprise a mix of one- and two-bedroom layouts and features, including attached garages, washers and dryers, and spacious entertainment kitchens. The property shares common area amenities with neighboring Advenir at Del Arte, a 351-unit community with a variety of loft- and flat-style units.
The HFF team representing the borrower included senior managing director Eric Tupler and managing director Josh Simon.
About Advenir, Inc. Founded in 1996, Advenir, LLC is a Real Estate Investment Company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates multi-family rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated more than 23,000 apartment units valued at just under $3.7 billion. The company’s current portfolio is in excess of 13,241 apartment units valued at more than $2.3 billion. In addition to Advenir, LLC, Advenir has a Property Management Company with 325 employees and regional offices in Florida, Texas, Colorado and Louisiana; and a Construction Management Company focused on multifamily development and rehabilitation.
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.