LAFAYETTE, CO—HFF says it has secured a $34.5 million refinancing for Prana Apartment Homes, a 254-unit multi-housing property near Denver.

Working exclusively on behalf of the borrower, LLJ Stratford Prana, LLC, HFF placed the 10-year, 4.74%, fixed-rate loan with Fannie Mae through HFF's correspondent relationship with M&T Realty Capital Corporation. The forward rate lock refinance replaced a significantly higher rate HUD loan, which was closed to prepayment until May 2014. The new Fannie Mae loan provided the borrower with a lower overall interest rate and five years of interest-only amortization, as well as some cash-out proceeds above the existing loan balance.

Prana Apartment Homes is situated on an 11.1-acre site at 550 Viridian Drive adjacent to the Exempla Good Samaritan Medical Center and Kaiser's Rock Creek Medical Offices in southeastern Boulder County. The property is a short drive from downtown Denver and downtown Boulder and is close to US-36 and Northwest Parkway. Competed in 2010, Prana Apartment Homes has 11 residential buildings with one-, two- and three-bedroom units averaging 990 square feet each.