LA-Based Investment Firm Secures $73M Loan for First Multifamily Development in Colorado
Banyan Residential, an LA-based real estate investment firm, has closed a $73 million loan to finance the construction of Banyan High Point, a 399-unit multifamily development in Aurora. The project is being developed in collaboration with Bridge Investment Group. Construction is expected to begin in early June 2023 with estimated completion slated for Q1 2025. The loan was provided by UMB Bank.
Located at Picadilly Road and East 65th Avenue, Banyan High Point will be comprised of one-, two-, and three-bedrooms ranging from 568 to 1,450 square feet. Designed by W Partnership, the project is thoughtfully designed for contemporary living, boasting sleek and sophisticated interiors with high-end finishes. Residents will have access to first-class amenities including a resort-style pool and pool deck, clubroom, cutting-edge multi-level fitness center, meeting spaces, parking garages, a dog park, and access to a five-acre park adjacent to the development.
“It’s very exciting to begin construction on our newest development in Aurora, which also marks our foray into the Colorado market,” said Ryan Seeley, vice president at Banyan Residential. “With the Denver metro area demonstrating sustained growth and increasing demand, it’s an excellent market in which to grow our business and execute our strategy of providing high-quality multifamily communities. We look forward to soon delivering new residences to this vibrant area.”
Nestled in Aurora, Banyan High Point offers the ideal mix of city and suburban living with its thriving community, strong job market, and rich history. Its prime location near Denver International Airport, exciting local attractions, and top employment centers make it an ideal choice for those seeking convenience and comfort.
“We are pleased to support another opportunity zone development in the Aurora High Point neighborhood with a great partner like Banyan Residential,” said David Coelho, chief investment officer of Bridge Investment Group’s Opportunity Zone Funds. “This market has seen tremendous development in recent years and we are thrilled to contribute to the growth in this vital community.”