Denver-Area Multifamily Property Secures Freddie Mac Refi Loan
Capital One has provided a $33.8 million Freddie Mac floating-rate loanto FCP, a firm that makes equity and structured investments in income-producing and development properties, to refinance the Heights on Huron, a 252-unit multifamily housing community in Northglenn, just north of Denver. The 10-year loan includes five years of interest-only payments.
Capital One’s Jonathan Pratt explains, “This transaction helps preserve high-quality workforce rental housing in the Denver metro area. Additionally, our team was able to lock in favorable financing for FCP, a long-time Capital One and Freddie Mac borrower, which drove higher proceeds than anticipated.” FCP says they expect to spend over $3 million in renovation costs at the property.
Heights on Huron is located just 11 miles north of downtown Denver with access to public transportation, retail and restaurants. The property features one- and two-bedroom apartments with community amenities including a dog park, swimming pool, picnic area, playground and 24-hour emergency maintenance services.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!