JLL Lines up $75.3M Loan for J.P. Morgan’s Acquisition of The Boulder Portfolio
JLL’s Capital Markets experts today announced the firm secured $75.3 million of financing for the acquisition of The Boulder Portfolio, a three-asset, Class A office portfolio in Boulder by institutional investors advised by J.P. Morgan Asset Management. Deutsche Bank provided the five-year, floating rate loan.
Located just a few blocks from Boulder’s vibrant Pearl Street Mall, the three properties in the portfolio are 1050 Walnut Street, 1881 9th Street and 1900 15th Street. The area offers Boulder’s top retail and dining options, and is close to the talent pool at University of Colorado Boulder.
Executive Managing Director Michael Melody, Managing Directors Maggie Coleman, Kellogg Gaines and Baxter Fain, and Senior Vice President John Ream led the JLL team on the financing.
“The combination of well-located assets in a highly desirable market and strong, institutional sponsorship made this an ideal lending opportunity and allowed us to secure the best terms possible for our client,” said Gaines.
HFF Announces $62.677M Financing for Two Denver Apartment Communities
Holliday Fenoglio Fowler, L.P. (HFF) announced financing totaling $62.677 million for Timber Creek Apartments and 7S Denver Haus Apartments in the Denver metropolitan area.
The HFF team worked on behalf of Denver-based RedPeak Properties to secure two separate 10-year, interest-only, fixed-rate loans through PGIM Real Estate Finance. The $38.121 million loan for Timber Creek has a rate of 3.73 percent and the $24.556 million loan for 7S Denver Haus has a rate of 3.83 percent. Loan proceeds were used to refinance existing debt. The HFF debt placement team representing the borrower included managing director Josh Simon and senior managing director Eric Tupler.
Timber Creek Apartments is located at 8899 E. Prentice Avenue in the southeast Denver suburb of Greenwood Village. The 210-unit, 12-building garden-style property is situated in the Denver Tech Center submarket less than two miles from the Belleview Light Rail station and just south of the Interstate 25 and 225 interchange, providing residents with multiple modes of transport around Denver. Units include a mix of one- and two-bedroom floor plans averaging 1,035 square feet. Community amenities include a swimming pool, hot tub, grilling area, 24-hour fitness center, clubhouse, media lounge, cyber café and a mountain bike loaner program to take advantage of the 40-mile hike and bike path along the nearby Cherry Creek Regional Trail.
7S Denver Haus Apartments is approximately 11 miles northwest of Timber Creek Apartments in Denver’s Capitol Hill neighborhood, providing access to employment and entertainment amenities in Denver’s CBD. Located at 175 E. Avenue, the recently completed, Class A building comprises 115 studio, one- and two-bedroom units averaging 699 square feet with high-end features, including French-door refrigerators, quartz countertops, faux-wood flooring, built-in Bluetooth speakers, Nest thermostats, in-unit washers and dryers and balconies. Common area amenities include a sky lounge, barbecue grills, yoga studio, 24-hour fitness center, dog spa, shuffleboard, media lounge and electric car charging stations.
Pinnacle Announces Sale of Retail/Mixed-Use Property in Denver
Pinnacle Real Estate Advisors, LLC announced the sale of 1600-1608 East Colfax Avenue for $3,200,000. This property consists of two commercial buildings on approximately 11,250 square feet of C-MS-8 zoned land. Eric Shaw, Senior Advisor, represented the seller, Holleco LLP in the transaction.
“We were able to maximize the price of this redevelopment play because of its C-MS-8 zoning and its excellent location. The properties had been under the ownership of one family for two generations and they finally felt it was the right time to sell due to the current market cycle. The properties are located at the heart of Capitol Hill at the intersection of Colfax Ave., Franklin St., and Park Ave. Pando Holdings LLC was the perfect buyer because they controlled the parking lot adjacent to the property. This will be an incredible redevelopment site for Pando Holdings,” stated Shaw.
ARA Newmark Announces Sale of 2401 East Street, Golden
“Golden is a small multifamily market and very few apartment communities trade hands in any given year. In fact, this is the only sale of an apartment community larger than a four-plex in over three years,” said Spencer Bradley, ARA Newmark director. “The marketing campaign attracted a diverse group of buyers seeking to purchase the asset, which is in original condition. A local buyer in a 1031 Exchange purchased the asset at a 4.13% cap rate.”
