DENVER—HFF has closed the $67.9 million sale of and secured $44.1 million in acquisition financing for Lugano Cherry Creek, a 328-unit, class A multi-housing community in Denver.

HFF marketed the asset on behalf of the seller, a fund managed by GenCap Partners, Inc.  Brass Enterprises Inc. purchased the property for $67.9 million free and clear of existing debt.

HFF worked on behalf of the new owner to secure a seven-year, 3.45% fixed-rate acquisition loan through Freddie Mac's CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.  HFF previously arranged financing for the property on behalf of the seller in 2012.

Lugano Cherry Creek is located on the northwest corner of East Iliff Avenue and South Emporia Street in the East Cherry Creek submarket of Denver, The community is comprised of two four-story buildings that include ground-floor retail and a structured garage parking.  Units include one-, two and three-bedroom options averaging 1,025 square feet each.  Approximately 95% occupied, the community offers amenities such as two interior courtyards, 1.5 acres of green space, a club room and lounge area, resort-style swimming pool with heated sun deck and views of the Rocky Mountains.

The HFF investment sales team representing the seller was led by managing director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington.

HFF's debt placement team was led by managing director Josh Simon and real estate analyst Matt Gangaware.

GenCap Partners is a Dallas, Texas-based real estate investment advisor that provides real estate investment products to European and domestic institutions. Brass Enterprises is a Toronto-based real estate investment company focused exclusively on investment in multifamily residential properties.