HFF Arranges $50M in Financing for Mixed-Use Development in Denver
DENVER — HFF has arranged $50 million in financing for 210 St. Paul, the first phase of The St. Paul Collection, a mixed-use residential and retail property in Denver’s Cherry Creek North neighborhood. The borrower is BMC Investments.
Brock Yaffe of HFF secured the 11-year, non-recourse, full-term, interest-only, fixed-rate loan through Freddie Mac’s Lease-Up Loan Program. The loan will replace existing construction financing and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Located at the intersection of St. Paul Street and Second Avenue, The St. Paul Collection is a two-phase development. Completed in June, 210 St. Paul features 81 residences in a mix of one-, two- and three-bedroom floorplans, as well as penthouses, ranging in size from 770 square feet to 2,800 square feet.
Additionally, the property includes 11,000 square feet of retail space leased to CB2. The second phase, which is not part of this financing, will bring an additional 84 residential units and 44,000 square feet of retail space.
Designed by 4240 Architecture, the property features condo-quality finishes and modern open layouts with oversized living spaces, gourmet kitchens, full bathroom suites with heated floors, built-in closet systems, in-house automation, custom hardwood flooring, 10-foot ceilings and private balconies with city and mountain views.
Community amenities include outdoor spaces and entertaining decks with gas grills, a sun terrace with panoramic views, a resort-style health and wellness facility, a heated pool and hot tub with private cabanas and fireplaces, resident lounge with outdoor terrace, curated private art collection, grand lobby and porte-cochere, pet grooming facility and 24-hour on-demand concierge services.