Toronto-based Brass Enterprises landed a $44.1m Freddie Mac loan for its $67.9m acquisition of Lugano Cherry Creek, a 328-unit multi-housing community in Denver, Colorado.
The seven-year, 3.45%, fixed-rate loan represents a 65% loan-to-value. HFF arranged the financing and had secured a previous $44.5m floating-rate loan from GE Capital Real Estate in 2012 on behalf of the seller, a fund managed by Dallas-based GenCap Partners.
Lugano Cherry Creek, located in the East Cherry Creek submarket of Denver, is comprised of two four-story residential buildings with ground-floor retail, a parking garage, two interior courtyards, 1.5-acres of green space, a club room, swimming pool with heated sun deck and views of the Rocky Mountains. Denver, located about 12 miles east of the ‘Rockies’, is nicknamed the Mile-High City because its official elevation is exactly one mile above sea level.
Brass Enterprises is focused exclusively on investment in multifamily residential properties, with additional holdings in Florida, Texas and the Canadian province of Saskatchewan. GenCap Partners’ funds specialize in the development and acquisition of multifamily, office and industrial properties.