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 Aurora. 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.”