CBRE’s Debt & Structured Finance team has arranged a $38.4 million loan refinance for the Advenir at Lowry Heights apartment community in the East Colfax neighborhood, five miles from downtown Denver. CBRE’sCharles Foschini and Christopher Apone of CBRE’s Miami, Florida office arranged the loan on behalf of Advenir Inc., a Florida-based owner of multifamily communities. Freddie Mac provided the permanent financing at a fixed rate with a seven-year term and 80% loan-to-value (LTV) ratio.
”The asset drew strong interest from numerous lenders because Advenir at Lowry Heights is the premier luxury apartment community in east Denver,” said Mr. Foschini, Vice Chairman, CBRE Debt & Structured Finance. “Freddie Mac ultimately won the loan due to their aggressive rates, exceptional terms, and ability to offer supplemental financing.”
Located at 8000 East 12th Avenue, the community totals 326 units only minutes from I-70, close to shopping, dining and entertainment. The property was built in 1973 and boasts a full amenities package including a clubhouse, business center, athletic club, outdoor pool, two playgrounds, cinema room and billiards entertainment room.
About Advenir, Inc.
Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates income multifamily rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated 16,500 multifamily units valued at more than $2.2 billion. Advenir’s current portfolio consists of 9,200 apartment units valued at more than $1.3 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 260 employees and regional offices in Florida, Texas, and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
