DENVER—HFF has closed the $67.9 million sale of and secured $44.1 million in acquisition financing for Lugano Cherry Creek, a 328-unit, class A multi-housing community in Denver.
HFF marketed the asset on behalf of the seller, a fund managed by GenCap Partners, Inc. Brass Enterprises Inc. purchased the property for $67.9 million free and clear of existing debt.
HFF worked on behalf of the new owner to secure a seven-year, 3.45% fixed-rate acquisition loan through Freddie Mac's CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. HFF previously arranged financing for the property on behalf of the seller in 2012.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
