DENVER—HFF has arranged $230 million in financing for The Breakers Resort, a six-village, 1,523-unit, Class A multifamily community in Denver.

The HFF team worked exclusively on behalf of the borrower, The Bascom Group, LLC, to secure a $165 million first mortgage, a $26.25 million mezzanine loan, and $38.75 million of preferred equity. The $165 million first mortgage was a floating-rate loan and included a three-year term with two, one-year extension options that was provided through Bank of America and CIBC. The mezzanine loan and preferred equity were provided by Prudential Real Estate Investors' $805 million U.S. Real Estate Debt Fund. Proceeds were used to refinance the existing mortgage and mezzanine loans that HFF had secured for the ownership in 2011, buy-out the existing institutional equity partner, and provide capital for future renovations.

Situated on 127 acres and developed by Koelbel and Company, which will retain an ownership interest, The Breakers Resort is located at 9099 East Mississippi Avenue close to Cherry Creek, the Lowry Redevelopment and a new community shopping center. The “strongly-performing” property is 95 percent leased and is comprised of six interconnected communities, each with their own clubhouse, surrounding a 55-acre recreational lake. Also included is an 18.23-acre apartment development parcel entitled for 628 units, which is one of the best remaining infill apartment sites in Denver, according to HFF.