DENVER—HFF has secured $57 million in financing for One City Block, a newly built, 302-unit, class A multifamily community in downtown Denver.
Working on behalf of RedPeak Properties, HFF placed the fixed-rate loan with Cornerstone Real Estate Advisers LLC acting on behalf of an institutional client. The loan proceeds will be used to replace the borrower's existing construction loan.
One City Block encompasses a full city block bounded by East 19th Avenue to the north, Pennsylvania Street to the east, East 18th Avenue to the south and Logan Street to the west in downtown Denver's Uptown neighborhood. Completed in January 2014, the property includes 207,598 rentable square feet of residential space and 10,035 square of ground floor retail. The four-story, LEED-certified property stabilized in less than a year and is 95 percent leased. One City Block has a mix of studio, one- and two-bedroom floor plans and amenities including a lap pool with sun deck and hot tub, grilling areas, fire pit, sport court with practice putting green, four rooftop terraces, fitness center, yoga studio, game room with ping pong and pool table, demonstration kitchen, onsite bike repair shop and pet spa.
“This refinancing was a very pleasant experience for our organization. HFF provided RedPeak with a wide range of very competitive options, and Cornerstone was terrific to work with. We look forward to doing more business with both parties in the future,” said Mike Zoellner from RedPeak Properties.
The HFF team representing the borrower was led by senior managing director Eric Tupler, managing director Josh Simon and analyst Leon McBroom.
RedPeak Properties is a full-service apartment owner, operator, developer and acquirer with an exclusive focus on Denver and Colorado's Front Range. The company continually upgrades the value of its portfolio through the thoughtful development, redevelopment and repositioning of its assets. RedPeak strives to provide distinctive, highly amenitized residences close to key employment centers, public transportation and entertainment districts. RedPeak Properties' portfolio is comprised of more than 2,000 units located in Capitol Hill, Cherry Creek, City Park, Downtown Denver, Greenwood Village, Littleton, Northwest Denver, Hilltop and Washington Park.
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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.
