HFF Closes $67.896 Million Sale and Secures $44.132 Million Financing for Lugano Cherry Creek in Denver

DENVER, CO – HFF announced today that it has closed the $67.896 million sale of and secured $44.132 million in acquisition financing for Lugano Cherry Creek, a 328-unit, Class A multi-housing community in Denver, Colorado. 

HFF marketed the asset on behalf of the seller, a fund managed by GenCap Partners, Inc.  Brass Enterprises Inc. purchased the property for $67.896 million free and clear of existing debt.  HFF worked on behalf of the new owner to secure a seven-year, 3.45 percent fixed-rate acquisition loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  HFF previously arranged financing for the property on behalf of the seller in 2012.

Lugano Cherry Creek is located on the northwest corner of East Iliff Avenue and South Emporia Street in the East Cherry Creek submarket of Denver.  The community is comprised of two four-story buildings that include ground-floor retail and a structured garage parking.  Units include one-, two and three-bedroom options averaging 1,025 square feet each.  Approximately 95 percent occupied, the community offers amenities such as two interior courtyards, 1.5 acres of green space, a club room and lounge area, resort-style swimming pool with heated sun deck and views of the Rocky Mountains.

The HFF investment sales team representing the seller was led by managing director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington.

HFF’s debt placement team was led by managing director Josh Simon and real estate analyst Matt Gangaware.

GenCap Partners, Inc. is a Dallas, Texas-based real estate investment advisor that provides real estate investment products to European and domestic institutions.  The funds they manage specialize in the development and acquisition of multifamily, office and industrial properties.  GenCap and its affiliates have developed more than 4,100 apartment units worth in excess of $344 million since 1997.

Brass Enterprises Inc. is a Toronto-based real estate investment company focused exclusively on investment in multifamily residential properties.  The company's primary objective as a major investor in all of its projects is to use its multi-generational experience to create value through improvements in efficiency and focus on superior tenant service.

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.

TRENDING

Kerry W. Kirby Leads Thought-Provoking Conversation on The Role of AI Co-Workers in Redefining The Workplace in Visionary Podcast NEW ORLEANS, LA - 365 Connect, the leader in providing the world’s most advanced automated marketing, leasing, and resident engagement platform for multifamily communities across the globe, announced today its CEO, Kerry W. Kirby, has released his latest podcast; AI Co-workers Are Here: How...

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.