Holliday Fenoglio Fowler, L.P. (HFF) announces debt and equity financing totaling $23.5 million for the development of Cherokee Flats, a Class A, mid-rise building in Denver, Colorado, with 4,980 square feet of ground-level retail and 139 apartment units.
Working on behalf of the developer, LCP Development, the HFF team secured a $20.145 million, floating-rate construction loan with a regional bank. In addition, HFF arranged $3.355 million in preferred equity.
Cherokee Flats will total 97,179 rentable square feet within an eight-story building consisting of five residential levels atop three levels of podium parking and ground-floor retail. Situated at 2065 S. Cherokee Street, the site is bounded by the major Denver thoroughfares of S. Broadway to the east, W. Evans Avenue to the south and S. Santa Fe Drive to the west, and is a block and a half from the Evans RTD Light Rail station. Cherokee Flats will feature a large amenity deck on level four, which will include a swimming pool and spa, firepit, barbecues, outdoor kitchen and lounge seating. Additional amenities will include a fitness center, bike maintenance and storage room, dog run, dog wash and fifth-floor party room with expansive western views. Completion is expected in 2020.
The HFF debt placement team representing the borrower consisted of director Leon McBroom.
About LCP Development
Founded in 2004, LCP Development is a privately held, Denver-based development and property management company specializing in mixed-use, infill development and redevelopment and property management. LCP has experience in nearly every real estate type, with projects in metro Denver and surrounding areas. LCP’s goal is to deliver quality projects that are market-driven, contribute to the communities in which they are located, and produce superior returns for investors. By actively tracking market conditions and trends, LCP brings an informed perspective to each development with block-by-block knowledge of the submarkets in which the company operates.
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.