HFF Arranges $230M for The Breakers Resort

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.