Wednesday, May 18, 2011
HFF arranges $10.6 million loan assumption and $3.4 million second lien financing for Littleton, Colorado multi-housing complex
LOS ANGELES, CA – HFF announced today that it has arranged a $10.6 million loan assumption in conjunction with $3.4 million in second lien financing for Dakota at Governors Ranch (top left photo), a 246-unit multi-housing community in Littleton, Colorado.
HFF worked on behalf of Seagate Littleton Associates, LLC, a partnership sponsored by the principals of Seagate Properties, Inc. of San Rafael, CA to arrange the assumption of the existing loan along with a new, five-year, 4.98 percent, fixed-rate second lien with Freddie Mac (Federal Home Loan Mortgage Corporation). Both loans are serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer program.
Dakota at Governors Ranch is located in Littleton, Colorado, 10 miles southwest of downtown Denver. Built in 1997, the property offers residents an extensive amenity package including a complete business center, heated pool, hot tub, fire pit, covered parking, fitness center and dog run. Apartment homes include central air conditioning, full-size washers / dryers in select units, gourmet kitchens, cathedral ceilings and gas fireplaces. The property is 95 percent occupied.
The Dakota is the fourth value-add multi-housing asset in Colorado’s Front Range purchased by Seagate. Seagate principal Trent Isgrig is relocating to Denver to open a Seagate office and is leading the company’s expanded multi-family acquisition efforts in Colorado.
The HFF team representing Seagate Properties Inc. was led by director Tina Derderian (bottom right photo).
Seagate Properties Inc. is a seasoned, creative real estate investment company focusing its energies in urban and suburban areas in the western United States.
Tina K. Derderian, HFF Director, (310) 407-2175, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,