THORNTON, CO—HFF has arranged $17.8 million in financing and $6.1 million in joint venture equity for the Village at Coronado, a 390-unit multi-housing community here.
HFF worked on behalf of the borrower, Investors Management Group (IMG), to arrange a joint venture equity partnership with KCB Real Estate Management (KCB), who contributed $6.1 million in equity.
Additionally, on behalf of IMG and KCB, HFF secured a $17.8 million, 10-year, 3.85 percent fixed-rate loan through Freddie Mac's CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. The debt and equity funding will allow IMG to further enhance the property beyond the renovations the previous owner completed from 2007 to 2008.
The Village at Coronado is located at 1769 Coronado Parkway North approximately 10 miles north of Denver in the Adams County submarket. Situated on 12.59 acres, the 94% leased property includes 390 units averaging 709 square feet each. Community amenities include a fitness center, business center, three swimming pools, dog park and picnic areas.
The HFF team representing IMG and KCB was led by managing director David Bleiweiss and director Mark Erland from HFF's Orange County office and director Josh Simon from HFF's Denver office.
“The property was already outperforming projections at the close of escrow so with the combination of the new capital improvement plan and low interest, fixed-rate debt that HFF helped secure, this will be a very good investment for all parties involved, producing a strong cash-on-cash return from the start,” said Bleiweiss.
Investors Management Group, Inc. is a private investor firm located in Los Angeles, California.
KCB Real Estate Management is a boutique real estate fund manager that focuses on the “lower middle market” of assets that are too small for larger institutions to acquire.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
