150-Unit Apartment Community to be Built Near DIA
DENVER – Boulder-based developer, SEEC Enterprises will begin construction of the Brick Stone Apartments On 56th Ave, a 150-unit apartment community located south of East 56th Avenue between Pena Boulevard and Tower Road in the Denver International Airport corridor. The multifamily development project is expected to break ground August 2018.
Led by CBRE’s Zac Brumbaugh of the Debt & Structured Finance practice based in Orlando, a 75 percent loan-to-cost construction loan was placed with a regional bank for the property’s construction. The low floating interest rate loan featured three years of interest only, with term extension options.
The project is expected to take 18 months to complete and will feature amenities such as a clubhouse with wood-paneled and vaulted ceilings, a resort style pool with outdoor TVs, a mail/package center, and dog washing area. Additionally, more than 26 percent of the site will be landscaped open space that will include direct access to Denver’s First Creek Trail system.
“This was a very competitive construction loan, which has not been easy to come by over the last few years in the bank construction lending environment,” commented Zac Brumbaugh, vice president at CBRE. “We believe our presentation of the submarket’s strong growth, one of the best in Denver, and the property’s competitive qualities really let lenders understand that a project like this warranted very strong loan terms.”
SEEC Enterprises has previously built multiple successful projects in Salt Lake City, Utah and is currently developing a 116-unit apartment project in Fort Collins, Colorado. This is the company’s first development in Denver.