Transactions Report Week Ending 05.11.18
HFF Announces High-end, Wellness-focused Condominium Development Financing
Holliday Fenoglio Fowler, L.P. (HFF) announced $83.03 million in financing for the development of Lakehouse on 17th, a 196-unit, for-sale condominium project in Denver’s Sloan’s Lake neighborhood. HFF worked exclusively on behalf of NAVA Real Estate Development to place the floating-rate construction loan with a national bank. The HFF debt placement team representing the borrower included Director Brock Yaffe, and managing directors Josh Simon and Bryan Clark.
Lakehouse on 17th is located at 4202 W. 17th Avenue on the south side of the 177-acre Sloan’s Lake Park. The 12-story project will comprise 196 units, 13 of which will be multi-level townhomes, along with 6,000 square feet of retail. Lakehouse on 17th will be the only waterfront high-rise in the Denver metropolitan area and will provide views of the city’s largest lake, downtown and the Rocky Mountains.
The property will feature high-end finishes and amenities, including a second-floor landscaped amenity deck with community gardens, an urban farm, pool, hot tub, lounging areas and firepit. Other amenities will include a resident lounge with community kitchen, indoor/outdoor fireplace, media den and private event space, as well as a wellness center with a fitness lab, yoga studio and fresh juicing station.
Lakehouse on 17th is the first residential project in Colorado to pilot and pursue WELL Building Certification from the International Well Building Institute (IWBI). The WELL Building Standard is the first to integrate human health and wellness into the design, construction and operations of the built environment in order to optimize the health of its end users.
“Condo development in Colorado has been limited for more than a decade, and financing Lakehouse required significant expertise to connect the dots,” stated Brian Levitt, president of NAVA. “The HFF team did an outstanding job helping NAVA finance Lakehouse as Colorado’s first registered project to pursue WELL Building Certification.”
Pinnacle Announces Sale of 3000-3016 Downing Street
Pinnacle Real Estate Advisors, LLC announced the sale of 3000-3016 Downing Street located in Denver. The 5,274-square-foot mixed-use property sold for $1.6 million. Principal Jules (JB) Hochman and Associate Advisor Erik Toll represented the buyer.
“The location and zoning made the property an ideal redevelopment candidate for the buyer, who also owns the adjacent parcel,” stated Toll.
Pinnacle Announces Sale of 3936 Tennyson Street
Pinnacle Real Estate Advisors, LLC announced the sale of 3936 Tennyson Street located in Denver. The 4,827-square-foot retail building sold for $1.6 million ($331.47 per square foot).
Principal Jamie Mitchell and Senior Advisor Michael Krebsbach represented the seller. Principal Jules Hochman represented the buyer.
“The seller had hired us for leasing which provoked a very nice sale offer. The ownership group decided to sell instead of lease as they were able to attain a close at near a stabilized price and move their equity into a new opportunity. The buyer was interested in the deal given the superb location and future upside in the deal and neighborhood,” stated Mitchell.
- Pinnacle also announced the sale of 720 North Main Street located in Pueblo. The 41,524-square-foot office building sold for $2.3 million ($55.39 per square foot). Associate Advisor Andrew Monette and Co-Founder/Principal Jeff Johnson represented the buyer. Principal Jamie Mitchell and Senior Advisor Michael Krebsbach represented the seller in this transaction.
- Pinnacle also announced the sale of 2155 South Josephine Street located in Denver. The 12,777-square-foot multifamily building sold for $3.45 million ($270 per square foot). Principal Matt Lewallen represented the buyer, 251 Josephine, LLC. Kevin Calame represented the seller, JOS Investments, LLC.
- Lee & Associates Denver announces the closing of a $4 million sale for a 10,794-square-foot retail building located at 9790 E. Arapahoe Road in Greenwood Village. Principal Jeff Hallberg represented the seller, LHW, LLC. The buyer, Mohammad T. Raeouf, was unrepresented.