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,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,                                       

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