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HFF arranges $57 million loan for RedPeak

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Highlights:

  • HFF provides $57 million loan for One City Block.
  • One City Block was developed and is owned by RedPeak.
  • The luxury apartment community is 95% leased.
HFF arranged a $57 million for One City Block.

HFF arranged a $57 million for One City Block.

HFF, one of the largest providers of commercial real estate capital in the U.S., has arranged $57 million in financing on behalf of Denver-based RedPeak Properties.

The loan is for RedPeak’s recently completed One City Block apartment community in the Uptown area of Denver.

The 302-unit One City Block, completed this month, already is 95 percent leased, a sign of the strength of the luxury apartment market in Denver.

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.

The  community has 207,598 rentable square feet of residential space and 10,035 sf of ground floor retail.

The four-story, Silver LEED-certified property, which was completed in phases, is stabilized in less than a year.

One City Block has a mix of studio, one- and two-bedrooms.

Shown is the courtyard at One City Block, which received a $57 million loan arranged by HFF,

Shown is the courtyard at One City Block, which received a $57 million loan arranged by HFF,

Amenities include:

  • 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,” said Mike Zoellner, president of RedPeak Properties.

“HFF provided RedPeak with a wide range of very competitive options, and Cornerstone was terrific to work with,” Zoellner continued.

“We look forward to doing more business with both parties in the future,” Zoellner added.

The HFF team representing the borrower was led by senior managing director Eric Tupler, managing director Josh Simon and analyst Leon McBroom. In addition to arranging financing, in Denver HFF also has a commercial real estate brokerage arm. HFF has a market cap of more than $1.4 billion. Its stock, which trades under the symbol HF, closed at $37.72 yesterday, up 4.29 percent.

Interested in buying a home in Uptown? Please visit COhomefinder.com

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee Co. and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.


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