DENVER, CO – HFF announced today that it has secured $46.725 million in financing for the recently completed The Trails at Timberline, a 314-unit luxury lifestyle apartment community developed by McWhinney in Fort Collins, Colorado.
Working on behalf of DTMF Investments, LLC, an affiliate of McWhinney, HFF placed the 30-year, 4.42 percent fixed-rate Fannie Mae loan with M&T Realty Capital Corporation. The loan has a two-year, interest-only period, and is taking out a construction loan on the property.
The Trails at Timberline is situated on a 16.09-acre site at 2451 S. Timberline Road, close to major Fort Collins and Front Range employers, Colorado State University, Old Town Fort Collins, Foothills Mall and the Front Range Village shopping center. Completed in 2014, Trails at Timberline has 12 residential buildings with studio through three-bedroom units averaging 896 square feet each. Community amenities include a resort-style pool, two-lane bowling alley, fitness center, 3D theatre room, gourmet community kitchen, outdoor barbecue/fire pit area and HD golf simulator. The property also promotes a strong sense of community with weekly event programming including yoga classes, themed happy hours and special holiday gatherings. The Trails at Timberline is 98 percent occupied.
The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler, associate director Brock Yaffe and real estate analyst Matt Gangaware.
“HFF and M & T Realty Capital Corporation provided DTMF Investments, LLC the most competitive financing terms available in the market in a streamlined and timely manner reflecting The Trails at Timberline’s superb attributes and operating performance,” said McWhinney Vice President of Finance Joshua Kane.
McWhinney, an experienced Colorado-based real estate investment, management and development company, has developed more than six million square feet of vertical commercial and mixed-use properties, planned and developed more than 6,000 acres in several master-planned communities and developed more than 1,700 multifamily apartment homes throughout the Rocky Mountain region and on the West Coast. Notable McWhinney projects include the 3,000-acre Centerra master-planned community in Loveland, Colorado; the 935-acre mixed-use North Park community in Broomfield, Colorado; the redevelopment of Denver Union Station; and Great Wolf Lodge currently under construction in Southern California.
M&T Realty Capital Corporation (www.mandtrcc.com) is a wholly-owned commercial mortgage-banking subsidiary of Manufacturers and Traders Bank, better known as M&T Bank Corporation. Founded in 1856, M&T Bank Corp. (www.mtb.com) is one of the 20 largest U.S. bank holding companies, with more than 700 branch offices and 1,500 ATMs in Maryland, Washington D.C., Virginia, Pennsylvania, New York, West Virginia and Delaware.
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 www.hfflp.com or follow HFF on Twitter @HFF.