Denver-based BMC Investments (BMC), the most active and successful developer in Cherry Creek — having developed many of the area’s highest-profile developments — announced today it has recapitalized its luxury mixed-use residential community, St. Paul Collection, in Cherry Creek North. The recapitalization expands the existing programmatic partnership with Rockpoint, a real estate private equity firm headquartered in Boston. BMC will continue to own and operate St. Paul Collection alongside Rockpoint.
“We are thrilled to continue growing the partnership with Rockpoint, who is truly a best-in-class partner capable of growing and scaling with BMC in different markets and strategies, said Jeff Stonger, chief investment officer at BMC Investments. “By year-end, we will have secured over $1 billion in total projects together with Rockpoint in just the past year, ranging from suburban development to core urban acquisitions and development.”
Built in 2018, St Paul Collection offers 165 one-, two- and three-bedroom residences, as well as penthouses and townhomes, ranging in size from 780 to 2,850 square feet. The community consists of two towers – 255 and 210 St. Paul Street – each of which has its own rooftop deck with pool, hot tub, cabanas, grill, and 360-degree views; resident lounge; and state-of-the-art fitness center. In addition, the combined community is programmed with 24/7 concierge and events designed to create an exceptional experience for each resident above and beyond their high-quality residences and amenities.
The retail comprises the ground-floor retail at 255 and 210 Saint Paul Street and an additional retail building adjacent to 255 called The Garden at Cherry Creek which features some of the most iconic retail in Cherry Creek including CB2, SoulCycle, SweetGreen, A-Line Boutique, and Le Bilboquet.
“St. Paul Collection is a legacy project for BMC and has set a new living standard not just in Denver, but in the U.S., rivaling luxury residential buildings in cities like New York and L.A.,” said Matt Joblon, chief executive officer of BMC Investments. “Our residents can afford to live anywhere, but they choose to live at St. Paul Collection because our offering – the residences, the amenities, the retail, the community and the location – is so completely unique.”
BMC has also developed other high-profile assets including 240 St. Paul, Financial House, Steele Creek, and The Clayton, The Moxy and The Halcyon hotels. BMC recently announced two new projects: 255 Fillmore, one of the last large, developable parcels in Cherry Creek North, which will offer approximately 100,000 square feet of class A office and retail space and is already 100% pre-leased prior to construction commencing; and 299 Milwaukee, an eight-story building with 156 luxury residential units and 30,000 square feet of high-end ground floor retail.
Brian McAuliffe, president of multifamily capital markets for CBRE, worked with Roland Merchant, Jr. and Tom Pryor, both with CBRE Capital Advisors, to advise BMC Investments in the recapitalization.
