DENVER—HFF has secured $40 million in financing for Broadstone Gardens at Cherry Creek, a 191-unit, class A apartment community in Denver's Cherry Creek area.
Working on behalf of institutional investors advised by J.P. Morgan Asset Management, HFF placed the short-term, floating-rate loan with Wells Fargo.
Completed in 2014, Broadstone Gardens at Cherry Creek is a LEED Gold property located on the southwest corner of Harrison Street and East Cedar Avenue within walking distance to Cherry Creek Mall and the Cherry Creek North shopping district. The property has one-, two- and three-bedroom floor plans averaging 991 square feet each. Community amenities include a clubhouse with conference room and kitchen, coffee bar, resident gardening plots, electric car charging station, fully-equipped fitness center with CrossFit Studio, outdoor grills, resort-style swimming pool, rooftop lounge and an on-site recycling program.
The HFF debt placement team representing the borrower was led by senior managing directors Mike Tepedino and Eric Tupler, director Jennifer Keller and associate director Leon McBroom.
“The property's quality and location in the heart of Cherry Creek, Denver's premier residential neighborhood, generated very strong lender interest in the financing, despite the property still undergoing full stabilization,” said Tupler.
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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.
