Transactions Report for Week of 07/10/17
KEYBANK ARRANGES $8.5 MILLION IN FINANCING FOR COLORADO AFFORDABLE HOUSING PROPERTY
KeyBank Community Development Lending & Investment (CDLI) has provided an $8.5 million bridge to Agency loan for Depot Square Apartments, located in Boulder, CO. The LEED Gold Certified multifamily complex was built in 2015 and consists of 71 units that are all permanently restricted for tenants earning 60 percent of the area median income (AMI).
The property is part of a larger development known as Boulder Junction. Boulder Junction will be built in phases, including 200-300 additional affordable and market rate residential units, commercial uses and multi-modal connections to a commuter rail station. The goal of the development is to provide a 50% mix of affordable and market rate housing, with a combination of ownership and rental options.
Irena Edwards, Senior Vice President of Key’s CDLI group arranged financing, which was used to acquire the property
MARCUS & MILLICHAP SELLS NORTHFIELD SHOPPING CENTER FOR $9.8 MILLION
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Northfield Shopping Center, an 18,299-square-foot retail property located in Denver, Colorado, according to Bob Kaplan, regional manager of the firm’s Denver office. The asset sold for $9,869,645 ($539 per square foot).
Ryan Bowlby and Garrette Matlock, investment specialists in Marcus & Millichap’s Denver office, represented the buyer, a private investor based in California in this off-market transaction.
The shopping center is located at the key Stapleton intersection of Central Park Boulevard & East Northfield Boulevard (9135- 9165 East Northfield Boulevard). According to Bowlby, “The property has an attractive tenant mix that makes a great match with the rapidly growing Stapleton submarket. There are long-term absolute NNN leases in place, which will provide a stable income stream to the buyer while requiring very little management.” Tenants at the center include AT&T, Costa Vida (with Drive Thru), Mod Pizza, Anytime Fitness, Eat Fit Go, Jimmy Johns, Waxing the City, and Main Street Nails.
HFF Closes Sale of Denver-Area Apartment Community
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Greenwood Plaza, a 266-unit apartment community in Centennial, Colorado.
HFF marketed the asset exclusively on behalf of the seller, and procured the buyer, Waterton, a real estate investor and operator with a focus on U.S. multifamily and hospitality properties.
Greenwood Plaza has 14 garden-style buildings offering a mix of one-, two- and three-bedroom units averaging 947-square- feet. Apartment homes feature generous balconies, full-size washers and dryers and a mix of attached and detached garages. The 11.7-acre community is located at 7610 E. Caley Avenue in Denver’s booming Tech Center submarket positioning it near many major employers, including seven Fortune 500 headquarters. Additionally, Greenwood Plaza is convenient to the Arapahoe at Village Center Light Rail station and Interstates 25 and 225 providing access around the Denver metropolitan area. Common area amenities include a resort-style swimming pool, fitness center and lounge. The property was more than 96 percent occupied at closing.
The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag.
$28 Million Senior Living HUD Construction Loan Closed by Walker & Dunlop’s Colorado-Based Team
Walker & Dunlop, Inc. announced today that it structured a $28,162,800 construction loan for Jackson Creek Senior Living, a 137-unit assisted livingfacility that will be located between Denver and Colorado Springs in Monument, Colorado. The Company’s team, led by Ralph Lowen, arranged the property’s financing with the United States Department of Housing and Urban Development (HUD) on behalf of a local developer, an affiliate of CSI Construction.
Mr. Lowen’s team structured the loan at 90 percent of total replacement cost with an 18-month, interest only construction period followed by a 40 year, fully amortizing permanent loan. The financing was arranged through HUD’s Section 232 loan program, which provides lenders with the Federal Housing Administration’s mortgage insurance to protect against losses when refinancing nursing homes, assisted living facilities, and board and care facilities.
Scheduled to open in late 2018, Jackson Creek Senior Living will include a three-story, 128,600 square-foot building with 80 assisted living, 30 memory care, and 27 independent living units. The asset is located on 6.4 acres of land and surrounded by the beautiful views of the Palmer Divide. Community amenities and service include select dining areas, tailored activities and wellness programs, guest apartments, barber and beauty salon, chapel, community store, concierge services, 24-hour staffing and on-site nursing staff, and local transportation.
JLL Secures $21.5 million in Bridge Financing for Quebec Court As market Continues to Surge, Lenders Flock to Denver-Area Properties
JLL’s Capital Markets team announced the firm secured $21.5 million in bridge financing for Quebec Court. The loan was secured on behalf of The John Madden Company, the original builder of Quebec Court, as well as a number of other Class A office buildings in Greenwood Village, Colorado. The loan consists of a 79.0 percent loan-to-value with an 18-month interest only term and was used to pay off existing debt, finish construction and attract future tenants.
Managing Director Baxter Fain, along with Christina Grimme, led the JLL team on the financing. “Quebec Court’s newly renovated property and incredible location, combined with lowering interest rates and great sponsorship made this a highly sought after opportunity,” said Fain. “Though the asset was 55 percent occupied, lenders were aggressive, provided cash out even though the asset is yet to be stabilized, thus showing that there is still great interest in this area.”
Located off of Interstate 25, Quebec Court totals 136,000-square-feet and offers tenants access to the area’s main thoroughfare as well light rail and buses at the Orchard Station. The surrounding area includes retail amenities such as the Village Shops at the Landmark, Arapahoe Village shopping Center, the Greenwood Athletic Club and Fiddler’s Green Amphitheatre. Along with local amenities, recent renovations have reinvigorated Quebec Court. The asset now features new elevators, lobbies, bathrooms, interior finishes along with a rehabilitated parking garage.
REC Reports New Multi-Year Lease in Denver
Real Estate Consultants of Colorado, LLC (REC) provides buyer and tenant representative services to businesses and real estate investment firms. REC President, James A. Hopkins, is pleased to report new commercial leasing activity in Denver, Colorado. REC Senior Consultant, Elizabeth M. Leder, provided tenant representation as she expertly managed negotiations for a multi-year lease.
Broadway Business Center presents locally owned and professionally operated buildings with dock-high, drive-in ramps and surface drive-in and pick-up high docks with excellent visibility and easy access to I-25, I-76, and US-36.
Details of this transaction were reported as follows:
- Tenant: The Block Distilling Company
- Address: 7000-202 N. Broadway, Suite 202, Denver, CO
- Description: 2,047-square-foot industrial unit
The Denver Office of Lee & Associates Announces the Following Transactions:
- Lease of 2,108 SF by Venetian Nail Spaco.com at Interplaza West Shopping Center in Golden, Colorado. Jeff Hallberg, a principal at Lee & Associates Denver, represented the Landlord, Interplaza JNP, LLC.
- Sale of 590 N. Laredo Street in Aurora, CO. This 1.25 acre land site sold for $360,000 to Aurora Renal Construction, LLC. Jeff Hallberg, a principal at Lee & Associates Denver, represented the seller, Arringtons Self Storage of Aurora, LP.
- Sale of Arvada Ridge Marketplace, Lot 2-B. This 0.58 acre retail pad site sold for $302,892 to SafeSplash Swim Schools. Jeff Hallberg, a principal at Lee & Associates Denver, represented the seller, Arvada Ridge Market Place, LLC.