DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announces the debt and equity capitalization for the $102.25 million acquisition and renovation of a seven-property, 1,178-unit multi-housing portfolio in Colorado Springs, Colorado.
The HFF team worked exclusively on behalf of the sponsor, Slipstream Properties (Slipstream), to secure the interest-only loan with a national lender at a floating interest rate of 3.50 percent over 30-day LIBOR. The total loan commitment is equal to 79 percent of the anticipated total project costs, including future funding to renovate the entire portfolio. In addition, the team arranged Slipstream’s joint venture equity partner for the investment. Slipstream acquired the portfolio on May 24th for a combined purchase price of $102.25 million dollars. Colorado Springs Property Management will operate and manage the properties on behalf of Slipstream.
The properties included in this transaction are: Pine Creek Village at 720 Chapman Drive (312 units); Shannon Glen at 260 N. Murray Boulevard (192 units); Cedar Creek at 1030 S. Chelton Boulevard (175 units); El Vecino Apartments at 1806 Monterey Road (174 units); South Pointe Apartments at 3815 Lakehurst Drive (162 units); Timbers Apartments at 2818 Airport Road (84 units); and New Horizon Apartments at 4975 El Camino Drive (79 units). The communities feature a mix of studio, one- and two-bedroom units. Each of the properties are convenient to major employment drivers, including the Colorado Springs Airport, The Broadmoor, downtown Colorado Springs and other major retail and entertainment centers.
The HFF team representing the borrower included director Kristian Lichtenfels and managing director Josh Simon.
About Slipstream Properties: Slipstream Properties is an experienced and proven multi-family investment firm focusing on Colorado’s Front Range cities of Denver and Colorado Springs. By concentrating on undervalued assets and areas with pent-up rental demand, Slipstream continues to provide strong and consistent investment returns. Slipstream made its first investment at the beginning of 2010.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.