Transactions Report Week Ending 07.27.18
HFF Secures $118.5M Financing for Denver-area Mixed-use Property
Holliday Fenoglio Fowler, L.P. (HFF) announced $118.5 million in financing for The Forum Fitzsimons, a mixed-use residential and retail property in the Denver. The HFF team representing the borrower included senior director Chris McColpin and managing director Josh Simon.
The HFF team worked on behalf of a joint venture between Catalina Development Company, The Pollin Group and Sightway Capital to secure the five-year, floating-rate loan through a specialty finance company. Loan proceeds were used to replace the existing construction financing, which HFF arranged on behalf of the development team in 2015.
Denver-based contractor, The Weitz Company worked with Catalina Development on the property.
The Forum Fitzsimons is adjacent to the 578-acre Anschutz Medical Campus and Fitzsimons Life Science District and across from the RTD Colfax light rail station. The four-story, wrap-style property includes 397 luxury apartment homes, 28,640 square feet of ground-floor retail space and more than 15,000 square feet of upscale amenities, including two resort-style pools and spas with outdoor fireplaces and grilles; clubrooms with a theater and game room; a state-of-the-art fitness facility with specialized yoga and cycling rooms; an internet café and business center; a dog washing facility and two bark parks; a bike shop; storage facilities; and a six-story, gated parking structure.
ARA Newmark Sells Chill Apartments in Denver
ARA Newmark announced the sale of Chill, a 12 unit apartment building at 66 South Clarkson Street in Denver. The property sold for $2.74 million ($228,333/unit).
“Chill is a significantly remodeled asset, with finishes that rival those found in brand new high-end condo products. The artistic influence is present in small touches throughout the building common area. The turn-key, stabilized property – which attracted many buyers – was ultimately sold to an out-of-state, exchange buyer. Chill residents benefit from easy access to the Cherry Creek Trail, short walking distance to Washington Park and a quiet neighborhood feel,” said Marcus Griffin.
Rare Sloan’s Lake Restaurant Space Sold
Unique Properties, Inc. / TCN Worldwide announced that Greg Knott & Pete Foster sold 5700 West 25th Avenue in Edgewater. The property is a 4,107-square-foot, two-story, free-standing building with a turnkey commercial kitchen on the main floor.
Pinnacle Sells 21-Unit Apartment Building in Denver
Pinnacle Real Estate Advisors announced the sale of 1410 Poplar Street located in Denver. This multifamily property has 21-units and was built in 1949. The building sold for $4.025 million ($191,667 per unit; $291.43 per square foot). Eric Veith represented the buyer, and Matt Lewallen and Kevin Calame represented the seller.
“The buyer had sold a value-add apartment building elsewhere in the city, and was looking for a replacement property that required less work,” according to Veith. “This property was in extremely good condition for a building of that vintage, and it was clear that it will operate very smoothly into the foreseeable future. The buyer was also attracted to the up-and-coming nature of the East Colfax neighborhood, and is excited to be a part of the ongoing growth in that part of town.”