Colorado apartments get $37.7m Freddie Mac loan

HFF has arranged $37.7m in Freddie Mac financing for the Carmel Bear Creek apartment community in Lakewood, Colorado that the firm will service through its Freddie Mac Program Plus Seller/Servicer program.

HFF has arranged $37.7m in Freddie Mac financing for the Carmel Bear Creek apartment community in Lakewood, Colorado that the firm will service through its Freddie Mac Program Plus Seller/Servicer program.

The seven-year, floating-rate acquisition loan carries a 78 percent loan-to-value, as Jackson Square Properties paid Carmel Partners about $48m for the property.   

Carmel Bear Creek is located at 10117 West Dartmouth Place just north of Highway 285 with frontage along South Kipling Parkway, approximately 12 miles southwest of downtown Denver.  

The 11.38-acre property is adjacent to the 9.1-mile Bear Creek Trail that connects downtown Denver with the foothills of the Rocky Mountains. Renovated in 2014, the property has a mix of one-, two- and three-bedroom units.

HFF was the fourth largest Program Plus seller last year with $1.9bn in volume, trailing Walker & Dunlop, Berkadia Commercial Mortgage and, in first place with $5.7bn, CBRE Capital Markets, according to data from the government-sponsored enterprise

Freddie Mac settled $28.3bn in new multifamily volume last year, comprising 427,000 rental units. About 90 percent of the units financed have rents that are affordable to residents earning up to the Area Median Income (AMI). In addition, around one in eight units are affordable to residents with very low incomes, earning up to half of the Area Median Income.

Among HFF’s notable transactions so far this year, in February the firm provided $167m in Freddie Mac financing for Lyon Communities, two recently-constructed, Class A multi-housing communities in Southern California.

In June HFF secured a $45m Freddie Mac loan it will service on behalf of borrowers PCC Partners and Iron River Management for the refinancing of The Parc at Cherry Creekin Denver, Colorado.

HFF’s debt placement team representing the borrower on the Carmel Bear Creek financing was led by managing directors Charles Halladay and Josh Simon.

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