HFF Arranges $39M Financing for Brighton Multifamily
Brighton, CO – Holliday Fenoglio Fowler, L.P. (HFF) recently announced that it has arranged $39.45 million in construction and preferred equity financing for the development of Elements at Prairie Center, a 288-unit multi-housing community in Brighton, Colorado.
HFF worked exclusively on behalf of the developer, a joint venture between Delaware-based The Commonwealth Group and Colorado-based C&A Companies, to secure the $31.55 million construction loan and $7.9 million in preferred equity financing.
Elements at Prairie Center is due for completion in third quarter 2017 and will feature 288 units with one-, two- and three-bedroom units averaging 919 square feet each. The 12, three-story buildings will be constructed on a 16.56-acre site in the Prairie Center planned community at the intersection of Eagle Boulevard and South 27th Avenue approximately one mile from Interstate 76 and Barr Lake State Park in Brighton, a suburb northwest of downtown Denver.
Upon completion, Elements at Prairie Center will include geothermal heating and cooling systems for all units. Community amenities will include a resort-style swimming pool with cabanas, 24-hour fitness facilities, children’s playground, dog park, clubhouse and community garden. The community will be situated 2.5 miles southeast of Solaire Apartments, a 252-unit, Class A community completed by the developer in 2014.
Rendering courtesy of HFF