June 1, 2021 10:00 AM
Newmark announces the $21.8 million Freddie Mac acquisition financing of The Croft Apartment Homes, a 138-unit mid-rise property located in Denver, Colorado. The asset traded to Virginia-based Willow Creek Partners (Willow Creek), marking their first acquisition in the region. Newmark’s Multifamily Capital Markets Debt & Structured Finance group, led by Vice Chairman Adam Randall and Vice President John Westby-Gibson, secured the financing.
“Denver has long been a high priority market for us, and The Croft represents the perfect entrance into the region,” said Matt Brady, CEO of Willow Creek. “It is ideally located next to the High Line Canal Trail and it offers easy access to both Downtown Denver and the Denver Tech Center.” Brady added, “We are excited to partner with our residents and deliver an exceptional living experience and it was a pleasure working with Adam Randall and the rest of the Newmark team.”
Located at 7200 East Evans Avenue, The Croft Apartment Homes is in a rapidly expanding and desirable area in Southeast Denver, equidistant from three of the metro’s largest employments centers. The property offers a mix of one- and two-bedroom floor plans at an affordable price point. Built in 1974, the building’s renovated units include new appliances, granite countertops, air conditioning, ample storage, in-unit washer/dryers and private outdoor space. The community features a business center, clubhouse, courtyard, fitness center, indoor pool and game room.
“We were pleased to assist Willow Creek on another successful transaction and to help them achieve entry into Denver. This was a seamless execution, despite being in a new market which demonstrates the strength of the relationship between Willow Creek and Newmark,” said Randall. “The property’s strategic and high barrier-to-entry location provides a compelling value-add opportunity and nicely compliments Willow Creek’s portfolio. We’d also like to thank the Freddie Mac team for their help throughout this process in achieving a great outcome for our client.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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