A California-based real estate investment firm called Mass Equities, has acquired a 7.8-acre area of land in RiNo for $38 million that includes two existing buildings totaling more than 219,000 square feet.
The firm is planning a $200 million mixed-use development on the 7.8-acre site that will include office space, 480 apartments and 85,000 square feet of retail, which is scarce in the neighborhood.
Located across the street from Industry, the project will begin in the second quarter of 2018 with the building at 3060 Brighton Blvd., followed by construction on the apartments and retail in the third quarter, at 3063 N. Brighton Blvd.
Thorofare Capital provided the financing that consists of two, one-year, interest only cross-collateralized loans underwritten to 59 percent loan-to-value. The financing is secured by adjacent 63,474 and 93,736-square-foot warehouse buildings situated at 2900-3060 Brighton Blvd.
Rendering of LOOK: An architect’s vision of RiNo in 2020, based on current plans, courtesy of OZ Architecture.
