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7/23/12
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Vancouver, WA-based Holland Partner Group has obtained $34.5 mil in financing for Legacy Heights, a 384-unit apartment property in Federal Heights, CO. The Freddie Mac money was arranged by Jim Rice, Executive Vice President, and Nick Santangelo, Vice President, from the Portland office of CBRE Capital Markets.
Built in 1998, Legacy Heights is situated on roughly 21.5 acres and features a clubhouse with kitchen and fitness center, two swimming pools and hot tub, playground and numerous other amenities. The total net rentable area of the property is 291k sf, with an average unit size of 758 sf. Unit amenities at the property include private patios and balconies, walk-in closets, breakfast bar, dishwashers, washer/dryer (select units) and private storage space.
The new loan has a 10-year term with four years of interest-only followed by a 30-year amortization to finance the property. At the time of closing, the occupancy was 96%.
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