BrokerageDevelopmentMultifamily

Townhome Community in Aurora Acquired for $37.5M

Note: The purchase price has been updated

A joint venture partnership between CentrePoint Properties and CenterSquare Investment Management has acquired The Point at Biscay, a 96-unit, Class A townhome community in Aurora, for $37.5 million.

JLL worked on behalf of the partnership to originate a $24.375 million Fannie Mae loan with a 2.61 percent interest rate that is fixed for 10 years and full-term interest-only. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

The Point at Biscay is located at 3382 South Biscay Way in the fast growing Seven Hills neighborhood. This area offers immediate access to shopping, dining and entertainment from several nearby retail centers and boasts one of the top performing school districts in the state. In addition, the property is convenient to major employment hubs, including the Denver Tech Center, Anschultz Medical Campus, Denver International Airport and Buckley Air Force Base.

Completed in 2019, The Point at Biscay is 98 percent leased, offering two- and three-bedroom floor plans with an average unit size of 1,210 square feet.

“We continue to see the agencies deploy very aggressive loan terms across a broad spectrum of multifamily assets,” said Kristian Lichtenfels, with the JLL Capital Markets team. “Not only did the lending markets provide great initial loan options for this differentiated new construction townhome product, our team was able to tighten the interest rate further by securing a Green Globes certification prior to closing.  Leon and I were thrilled with these great loan terms and how they will help CentrePoint, CenterSquare and their investors secure a most favorable return.”

 

 

Previous post

Colorado Self-Storage Facilities to Go Green

Next post

Coach Home Development Coming to Jefferson Park

2 Comments

  1. Tucker Manion
    October 28, 2020 at 8:59 am — Reply

    The purchase price was $37.5M, and the debt was 24.375M. Please revise your press release.

    • October 28, 2020 at 9:30 am — Reply

      Thank you. That has been updated.

Leave a reply

Your email address will not be published. Required fields are marked *