Holliday Fenoglio Fowler, L.P. (HFF) announces $31 million in financing for Province Springs, a 160-unit, 55+ age-restricted luxury independent living community in Colorado Springs, Colorado.
The HFF team worked exclusively on behalf of the borrower, Paxion Real Estate Holdings, an affiliate of The Wolff Company, to secure floating-rate bridge financing. Loan proceeds were used to retire existing construction financing.
Province Springs is located at 2960 Tutt Boulevard just east of multiple retail and entertainment amenities along N. Powers Boulevard and just north of Peterson Air Force Base and Colorado Springs Airport. Completed earlier this year, the property encompasses a mix of studio, one- and two-bedroom units averaging 810 square feet. Units feature high-end finishes, including granite countertops, stainless steel appliances, tile backsplashes, Shaker-style cabinetry, floor-to-ceiling windows, plank flooring, custom walk-in closets, in-unit washers and dryers and private patios. Province Springs also features best-in-class wellness services and community amenities, including a spa, fitness studio, full-service salon, indoor saltwater pool, putting green, dog park, club room, theater room, creative studio and state-of-the-art event space, as well as culinary experiences created by Chef Beau MacMillan, which are available in the property’s restaurants, private dining room or in-home.
The HFF team representing the borrower included directors Nicole Brickhouse and Leon McBroom.
About The Wolff Company
The Wolff Company is a private equity firm headquartered in Scottsdale, Arizona, with offices in Washington, Massachusetts and California. For more than six decades, Wolff has invested in, acquired and developed high-quality, amenities-based multifamily properties.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc.