Colorado

Kroenke Sports, Revesco Receive $124.6M Refinancing for Elitch Gardens Theme Park in Denver

by John Nelson March 17, 2020

DENVER — Kroenke Sports and Entertainment (KSE) and Revesco Properties have received a $124.6 million loan to refinance Elitch Gardens Theme and Water Park in downtown Denver. The 130-year-old property is Colorado’s only combination amusement park and water park. The park is set to open for its 2020 season in April, but no word has come out if the outbreak of COVID-19 has changed that plan. Eric Tupler and Tyler Dumon of JLL arranged the five-year, floating-rate loan through Pacific Western Bank. KSE and Revesco, both based in Denver, plan to use the loan to retire existing debt and fund predevelopment work for the future River Mile project. Expected to take 25 years to fully come to fruition, River Mile is Revesco’s planned mixed-use district that will span 62 acres along a one-mile stretch of the South Platte River. KSE is a partner on the project. River Mile will eventually replace the amusement park, according to local media outlets. The redevelopment is expected to span 14 million square feet of residential and commercial mixed-use space, as well as public space along the riverfront. The River Mile project will include Meow Wolf, a 90,000-square-foot art installation attraction that is expected to …

March 17, 2020

Acquisitions Colorado Multifamily Western

NKF Negotiates $8.4M Sale of Kentom Apartments in Denver’s Capitol Hill Neighborhood

by Amy Works March 16, 2020

DENVER — Newmark Knight Frank (NKF) Multifamily has arranged the sale of The Kentom Apartments, a four-story, Victorian-era building located in Denver’s Capitol Hill neighborhood. Denver-based Classic Properties sold the property to New York-based Urban American Management for $8.4 million, or $264,063 per unit. Built in 1908, the 32-unit property offers units with exposed brick, clawfoot bathtubs, Victorian chandeliers, original woodwork, front and rear entries to each unit, French doors, bay windows, working fireplaces and balconies. The units average 855 square feet, and the property features on-site resident storage. Justin Hunt, Andy Hellman, Ryan Cohn and Katie Hufnagel of NKF Multifamily represented the seller in the deal. The acquisition is Urban American Management’s second acquisition in metro Denver.

March 16, 2020

Acquisitions Colorado Multifamily Western

Watermark Residential Sells 244-Unit Multifamily Community in Colorado Springs

by Amy Works March 11, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the disposition of Watermark on Union, a Class A apartment property located in the master-planned community of Briargate in northern Colorado Springs. California-based NALS Apartment Homes purchased the asset for an undisclosed price. Located at 9915 N. Union Blvd., Watermark on Union features 244 apartments with nine- to 12-foot ceilings, walk-in closets, full-size washers and dryers, stainless steel appliances, granite countertops, personal balconies or patios, and detached garages in select units. Community amenities include a resort-style pool with cabanas, fully equipped clubhouse, outdoor fire pit area, dog park and 24-hour fitness center. Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily represented the seller in the deal.

March 11, 2020

Acquisitions Colorado Office Western

Presidio Property Trust Sells Centennial Technology Center in Colorado Springs for $15M

by Amy Works March 9, 2020

COLORADO SPRINGS, COLO. — San Diego-based Presidio Property Trust has completed the disposition of Centennial Technology Center, an office asset located at 4820 and 4920 Centennial Blvd. in Colorado Springs. Eagle, Idaho-based Alturas Capital Partners acquired the property for $15 million. Situated on 9.3 acres within the Garden of the Gods Office Park, Centennial Technology Center features 110,405 square feet of Class A office space. At the time of sale, the property was 100 percent leased with Comcast and Walter Kidde United Technologies as anchor tenants. Patrick Devereaux, James Brady and Campbell Davis of CBRE’s Denver office represented the seller in the transaction.

March 9, 2020

Acquisitions Colorado Multifamily Western

Watermark Residential Divests of 244-Unit Multifamily Asset in Colorado Springs

by Amy Works March 4, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the sale of Watermark on Union, a stabilized, Class A apartment community in Colorado Spring’s Cordera community. Santa Barbara, Calif.-based NALS Apartment Homes acquired the asset, which has been renamed Aliso at Briargate, for undisclosed price. The 244 units feature kitchen islands, tile backsplashes, drop-in sinks, recycled glass countertops, stainless steel appliances, nine- to 12-foot ceilings, garden tubs, private balconies and full-size washers and dryers. On-site amenities include a clubhouse, resort-style pool with cabanas, fire pit, fitness center, detached garages, dog park and courtyards with barbecue grills. Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily represented the seller in the transaction.

March 4, 2020

Colorado Industrial Loans Western

Ready Capital Closes $14M Refinancing for Industrial Asset in Broomfield, Colorado

by Amy Works March 2, 2020

BROOMFIELD, COLO. — Ready Capital has closed a $14 million refinancing for an industrial property located in Broomfield. The undisclosed sponsor will use loan proceeds for capital expenditures and tenant costs needed to lease up the 140,000-square-foot, Class A asset. The non-recourse, interest-only loan features a floating rate, 36-month term, two extension options and flexible pre-payment. Additionally, the financing includes a facility to provide future funding for capital expenditures and tenant leasing costs.

March 2, 2020

Acquisitions Colorado Industrial Office Western

NavPoint Real Estate Arranges $11.2M Sale of Flex Building in Broomfield, Colorado

by Amy Works February 28, 2020

BROOMFIELD, COLO. — NavPoint Real Estate Group has negotiated the sale of a multi-tenant office, flex and R&D investment asset in Broomfield. Silverwood Investments sold the property to 295 Interlocken Boulevard LLC for $11.2 million. Built 1965 on 5.5 acres, the single-story building features 65,000 square feet of multi-tenant flex space. At the time of sale, the property was leased to a variety of tenants in the technology, food and transportation industries. The property is located at 295 Interlocken Blvd. Matt Call of NavPoint Real Estate Group represented the seller, while Eric Rutherford of WK Real Estate represented the buyer in the transaction.

February 28, 2020

Colorado Development Office Western

McCaffery, Ivanhoé Cambridge, Hines to Develop 240,000 SF Office Building in Denver

by Amy Works February 26, 2020

DENVER — McCaffery, Ivanhoé Cambridge and Hines have started construction of T3 RiNo, a six-story T3 (timber, transit and technology) office building in Denver. Situated in the River North Art District (RiNo), the 240,000-square-foot building will feature common, hospitality-driven social areas; large, private tenant terraces on each floor; a modern fitness facility and bicycle facility; 17,000 square feet of retail space; and convenient access to the Regional Transportation District (RTD) commuter rail system. Designed by Pickard Chilton Architects and DLR Group, T3 RiNo is slated for completion in spring 2022.

February 26, 2020

Colorado Loans Multifamily Seniors Housing Western

Live Oak Bank Funds $8.1M Refinancing for Greeley Village Assisted Living in Colorado

by Amy Works February 26, 2020

GREELEY, COLO. — Live Oak Bank has provided an $8.1 million loan for Greeley Village, a 71-unit assisted living and memory care community in Greeley, approximately 50 miles north of Denver. The borrower is KSL Seniors, a developer/owner with communities in Colorado, Utah, Idaho and Oregon. The 51,000-square-foot community opened during in fourth-quarter 2019. Cadence Senior Living operates the property. The three- to five-year, floating-rate loan refinanced a construction line of credit, providing bridge-to-permanent financing. It also allowed the borrower to recapture a line of credit capacity to pursue future projects.

February 26, 2020

Acquisitions Colorado Industrial Mixed-Use Multifamily Self-Storage Western

Denver Realty Group Acquires 25-Property Portfolio in Colorado Springs for $22M

by Amy Works February 25, 2020

COLORADO SPRINGS, COLO. — Denver Realty Group, through its DRGinvest platform, has purchased a 25-property portfolio in Colorado Springs for $22 million. The portfolio totals 186 units and includes multifamily, single-family homes and a storage facility. The off-market deal was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office and placed with ArrowMark Commercial Real Estate Partners and Arbor Realty SR as lenders. DRG was represented by Zach Hansen of Denver Realty Group and Stuart Sloat of Olive Realty Estate Group as transaction brokers.

February 25, 2020

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