COLORADO SPRINGS, Colo. — HFF has arranged $31 million in financing for Province Springs, a 160-unit independent living community in Colorado Springs.
The borrower is Paxion Real Estate Holdings, an affiliate of The Wolff Company. The floating-rate bridge financing retires existing construction debt.
Province Springs is located just east of multiple retail and entertainment amenities and just north of Peterson Air Force Base and Colorado Springs Airport. Completed earlier this year, the property features a mix of studio, one- and two-bedroom units averaging 810 square feet.
The HFF team representing the borrower included Nicole Brickhouse and Leon McBroom.
SunTrust provided the capital. Artin Anvar, managing director in SunTrust CRE’s Washington, D.C. office, and Nadia Mahmoud, SVP of SunTrust Bank Institutional Private Capital, originated the loan.