Colorado Springs, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced recently that it has arranged financing totaling $20.747 million for two adjacent Colorado Springs multi-housing communities: Summer Grove and Tanglewood.
Working on behalf of the borrower, Vukota Capital Management (VCM), HFF placed two seven-year, fixed-rate Fannie Mae loans with M&T Realty Capital Corporation. The loans have three years interest only and were used to acquire the properties.
Summer Grove has four three-story buildings, which house 374 one-, two- and three-bedroom units. Tanglewood is a five-building property with 122 one- and two-bedroom units averaging 653 square feet each. The properties are situated on 12.14 acres at 3802 and 3803 Halfturn Road near the prominent Academy Boulevard and Austin Bluffs Parkway intersection.
The HFF debt placement team representing the buyer was led by associate director Brock Yaffe and managing director Josh Simon.
“We are pleased with HFF’s efforts in assisting us with arranging attractive financing. The funds will allow VCM to continue assembling a portfolio of value-add, workforce housing assets,” said VCM President and CEO Tom Vukota.
Logo courtesy of HFF