DENVER, CO – HFF announced today that it has secured $57 million in financing for One City Block, a newly built, 302-unit, Class A multi-housing community in downtown Denver.
Working on behalf of RedPeak Properties, HFF placed the fixed-rate loan with Cornerstone Real Estate Advisers LLC acting on behalf of an institutional client. The loan proceeds will be used to replace the borrower’s existing construction loan.
One City Block encompasses a full city block bounded by East 19th Avenue to the north, Pennsylvania Street to the east, East 18th Avenue to the south and Logan Street to the west in downtown Denver’s Uptown neighborhood. Completed in January 2014, the property includes 207,598 rentable square feet of residential space and 10,035 square of ground floor retail. The four-story, LEED-certified property stabilized in less than a year and is 95 percent leased. One City Block has a mix of studio, one- and two-bedroom floor plans and amenities including a lap pool with sun deck and hot tub, grilling areas, fire pit, sport court with practice putting green, four rooftop terraces, fitness center, yoga studio, game room with ping pong and pool table, demonstration kitchen, onsite bike repair shop and pet spa.
“This refinancing was a very pleasant experience for our organization. HFF provided RedPeak with a wide range of very competitive options, and Cornerstone was terrific to work with. We look forward to doing more business with both parties in the future,” said Mike Zoellner from RedPeak Properties.
The HFF team representing the borrower was led by senior managing director Eric Tupler, managing director Josh Simon and analyst Leon McBroom.
RedPeak Properties is a full-service apartment owner, operator, developer and acquirer with an exclusive focus on Denver and Colorado’s Front Range. The company continually upgrades the value of its portfolio through the thoughtful development, redevelopment and repositioning of its assets. RedPeak strives to provide distinctive, highly amenitized residences close to key employment centers, public transportation and entertainment districts. RedPeak Properties’ portfolio is comprised of more than 2,000 units located in Capitol Hill, Cherry Creek, City Park, Downtown Denver, Greenwood Village, Littleton, Northwest Denver, Hilltop and Washington Park. For more information, visit www.redpeak.com.
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com
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