NEW YORK, NY – HFF announced today that it has secured $40 million in financing for Broadstone Gardens at Cherry Creek, a 191-unit, Class A apartment community in Denver’s Cherry Creek area. Working on behalf of institutional investors advised by J.P. Morgan Asset Management, HFF placed the short-term, floating-rate loan with Wells Fargo.
Completed in 2014, Broadstone Gardens at Cherry Creek is a LEED Gold property located on the southwest corner of Harrison Street and East Cedar Avenue within walking distance to Cherry Creek Mall and the Cherry Creek North shopping district. The property has one-, two- and three-bedroom floor plans averaging 991 square feet each. Community amenities include a clubhouse with conference room and kitchen, coffee bar, resident gardening plots, electric car charging station, fully-equipped fitness center with CrossFit Studio, outdoor grills, resort-style swimming pool, rooftop lounge and an on-site recycling program.
The HFF debt placement team representing the borrower was led by senior managing directors Mike Tepedino and Eric Tupler, director Jennifer Keller and associate director Leon McBroom.
“The property’s quality and location in the heart of Cherry Creek, Denver’s premier residential neighborhood, generated very strong lender interest in the financing, despite the property still undergoing full stabilization,” said Tupler.
J.P. Morgan Asset Management – Global Real Assets has more than $82 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of December 31, 2014. With a 45-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.