LAFAYETTE, CO—HFF says it has secured a $34.5million refinancing for Prana Apartment Homes, a254-unit multi-housing property near Denver.
Working exclusively on behalf of the borrower, LLJStratford Prana, LLC, HFF placed the 10-year,4.74%, fixed-rate loan with Fannie Mae through HFF'scorrespondent relationship with M&T Realty CapitalCorporation. The forward rate lock refinance replaced asignificantly higher rate HUD loan, which was closed to prepaymentuntil May 2014. The new Fannie Mae loan provided the borrowerwith a lower overall interest rate and five years of interest-onlyamortization, as well as some cash-out proceeds above the existingloan balance.
Prana Apartment Homes is situated on an 11.1-acre site at 550Viridian Drive adjacent to the Exempla Good SamaritanMedical Center and Kaiser's Rock Creek MedicalOffices in southeastern Boulder County. The propertyis a short drive from downtown Denver and downtown Boulder and isclose to US-36 and Northwest Parkway. Competed in 2010, PranaApartment Homes has 11 residential buildings with one-, two- andthree-bedroom units averaging 990 square feet each.
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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.
