DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $46.56 million in financing for Landon Park Apartments, a 464-unit, garden-style multi-housing community in the Denver suburb of Aurora, Colorado.
HFF worked on behalf of the borrower and property owner, BMC Investments, to secure the 10-year, 4.4 percent, fixed-rate loan with five years interest only through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire the property in a separately-brokered $58.2 million sale.
With units averaging 728 square feet, Landon Park Apartments has five different one- and two-bedroom floor plans that feature private balconies or patios and full kitchens. Community amenities include park-like paths, water features, two outdoor pools, a fitness center, business center, playground, picnic areas with barbeques, two all-season soccer courts and a two-story clubhouse with a theater room and billiards. Situated on 12.57 acres at 100 South Sable Boulevard, Landon Park Apartments is located near metro Denver’s largest employment hubs, including the Denver Tech Center, Fitzsimmons Medical Campus, downtown Denver, Cherry Creek and Buckley Air Force Base. Additionally, the property is one mile from the future Aurora Metro Light Rail Station on the R Line along Interstate 22. The R Line began service last week and is part of FasTracks, a multi-billion-dollar comprehensive transit plan that is expanding light rail, commuter rail and bus systems in the Denver metropolitan area.
The HFF debt placement team representing the borrower was led by associate directors Brock Yaffe and Kristian Lichtenfels.
“We believe the location of this property, in this part of Aurora, presents an uncommon investment opportunity in a market that continues to be a hot spot for investors,” said Max Bresner, COO of BMC Investments. “The new light rail stop, walkability to retail and entertainment, and proximity to major job centers aligns seamlessly with our long-term investment strategy. When paired with the exceptional track record of our property management affiliate, BLDG Management, we expect to add significant value to the asset and the surrounding area. The HFF team worked diligently through the entire process and exceeded our expectations on marketing and negotiations.”
About BMC Investments: BMC Investments (BMC) is a diversified and vertically integrated real estate investment company specializing in the development, acquisition, and management of properties across various asset classes. BMC focuses its investment strategy on creating long term value in its assets and generating strong risk-adjusted returns. BMC has several development projects underway in various asset classes, including mixed-use residential, office, and hotel totaling close to $500 million in cost. In addition, BMC owns and operates more than 3,200 residential units in its portfolio and has approximately 5,000 units and 200,000 square feet of commercial properties under management overseen by its property management arm, BLDG Management. BMC currently has over $850M in assets under management. To learn more about BMC, visit www.bmcinv.com.
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is 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 sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.