Cushman & Wakefield recently served as the exclusive advisor to Barings, one of the world’s largest diversified real estate investment managers, in the procurement of $65.4 million in financing for Promenade Place, a 387-unit, mid-rise multifamily property in Greenwood Village. Barings advises the domestic pension fund that owns the property through a joint venture with the original developer, Finger Companies, which developed the asset in 2002.
A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Max Schafer, Becca Tse, and Craig Branton represented the borrower in the refinancing transaction. The loan was provided by a major U.S. life insurance company.
“Promenade Place is a great example of what lenders want today — a quality multifamily asset in a good market, with solid underwriting metrics, for top-tier sponsorship,” said Brian Share, executive managing director, EDSF. “We had a deep field of lenders at competitive pricing and proceeds that allowed the borrower to return a significant amount of equity after paying off the existing debt. To have as much depth as we did in today’s market conditions is a testament to the quality of the asset and sponsorship.”
“Multifamily debt accounts for a significant share of our team’s annual production and remains a major focus for our platform,” said Rob Rubano, vice chair of EDSF. “We’re active nationally, but Denver stands out as one of the key U.S. markets that debt capital wants more exposure to.”
Completed in 2002, Promenade Place is located at 5200 S Ulster St. and consists of three multifamily buildings ranging from five to eight stories on ±6.6 acres. The property’s 387 market-rate multifamily units are comprised of one-, two-, and three-bedroom formats with an average unit size of 1,101 square feet, providing expansive floor plans. Community amenities include a resort-style swimming pool, spa, fitness center, clubhouse, business center, outdoor courtyards, and barbecue areas.
Promenade Place enjoys immediate access to landmark restaurants, shopping, and nightlife and is located within walking distance to the corporate offices of major Fortune 500 companies and multinational employers. Promenade Place also offers easy access to local transit hubs, light rail stations and major highways, providing easy access to Denver International Airport and downtown Denver.