Colorado

CIM Group Acquires Two-Building Office Campus in Downtown Denver for $189M

by Amy Works May 18, 2018

DENVER — Los Angeles-based CIM Group has purchased LoDo Towers, an office campus located in Lower Downtown (LoDo) Denver. According to the Denver Business Journal, Chicago-based Zeller Realty Group sold the property at 1331 17th St. for $103 million and the building at 1401 17th St. for $86 million, or a combined $189 million. The campus includes a 13-story, 220,000-square-foot building with 17,000-square-foot floorplates, and a 16-story, 190,000-square-foot property with 13,000-square-foot floorplates. This is CIM Group’s first acquisition in Denver.

May 18, 2018

Acquisitions Colorado Retail Western

NKF Brokers $1.7M Acquisition of Retail Building in Centennial, Colorado

by Amy Works May 15, 2018

CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of a retail building located at 10472 E. Easter Ave. in Centennial. New Horizon Real Estate Development – Colorado purchased the property from BMJ & Associates for $1.7 million. The building features 11,000 square feet of retail space. Michael Lindermann and Carolyn Martinez of NKF represented the buyer in the deal. Fidelity National Title Co., Key Real Estate Group and CBRE also participated in the transaction.

May 15, 2018

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $49.7M in Financing for 118-Unit Affordable Housing Development Near Denver

by Amy Works May 14, 2018

WESTMINSTER, COLO. — KeyBank’s Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture between Koelbel & Co., Mile High Development and Longs Peak Advisors. The transaction will fund the construction of Eaton Street Apartments, an affordable housing development in the Denver suburb of Westminster. KeyBank provided a $24.8 million construction loan, a $14.1 million Low-Income Housing Tax Credit equity investment and a $10.8 million Fannie Mae permanent loan. Beth Palmer and Sarah Geis of KeyBank’s CDLI team, along with Jeff Rodman of KeyBank’s Commercial Mortgage Group, arranged the financing. Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing’s Colorado Housing Investment Fund. Private Activity Bonds were issued by the Colorado Housing and Finance Authority. Ron Lehr and Sam Adams of KeyBanc Capital Markets provided underwriting and remarketing services for the bond issuance. The property will feature 118 apartment units and 22,000 square feet of ground-floor retail space. A portion of the units, 99 in total, will be reserved for households earning 60 percent or less of area median income (AMI), and eight units will be reserved for households earning 50 percent …

May 14, 2018

Acquisitions Colorado Office Western

NKF Negotiates $9.1M Sale of 90,094 SF Office Building in Thornton, Colorado

by Amy Works May 14, 2018

THORNTON, COLO. — Newmark Knight Frank (NKF) has arranged the sale of an office building located at 9351 Grant St. in Thornton. Horizon Terrace sold the property to 1641 California LLC for $9.1 million. The property features 90,094 square feet of office space. Riki Hashimoto and Daniel Grooters of NKF represented the seller in the transaction.

May 14, 2018

Acquisitions Colorado Multifamily Western

ARA Newmark Negotiates $21.2M Sale of Multifamily Property in Greeley, Colorado

by Amy Works May 11, 2018

GREELEY, COLO. — ARA, A Newmark Co., has brokered the sale of University Flats, a multifamily property located at 1758 Sixth Ave. in Greeley. Greeley Flat DTS and Greeley Land LLC acquired the property from Greeley Realty Investors for $21.2 million, or $227,946 per unit. The property features 93 apartments. Andrew Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.

May 11, 2018

Acquisitions Colorado Office Western

Pinnacle Real Estate Brokers $2.3M Sale of Office Building in Pueblo, Colorado

by Amy Works May 9, 2018

PUEBLO, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office building, located at 720 N. Main St. in Pueblo. An undisclosed buyer acquired the property for $2.3 million, or $55.39 per square foot. The building features 41,524 square feet of office space. Andrew Monette and Jeff Johnson of Pinnacle represented the undisclosed buyer, while Jamie Mitchell and Michael Krebsbach, also of Pinnacle, represented the seller in the deal.

May 9, 2018

Acquisitions Colorado Multifamily Western

JOS Investments Sells Multifamily Building in Denver for $3.4M

by Amy Works May 8, 2018

DENVER — JOS Investments LLC has completed the disposition of a multifamily property located at 2155 S. Josephine St. in Denver. 251 Josephine LLC purchased the 12,777-square-foot building for $3.4 million, or $270 per square foot. Matt Lewallen of Pinnacle Real Estate Advisors represented the buyer, while Kevin Calame, also of Pinnacle, represented the seller in the deal.

May 8, 2018

Colorado Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $88M Construction Financing for Seniors Housing Community Near Denver

by Amy Works May 4, 2018

DENVER — Lancaster Pollard has arranged $88 million in financing for the construction of The Ridge Pinehurst, a luxury senior living community in the Denver suburb of Lakewood. Construction is already underway for the community, which will offer 318 units of independent living, assisted living and memory care. Los Angeles-based Ridge Senior Living is the owner and developer. Ridge currently owns four communities in California and Utah. Jason Dopoulos, Ross Holland and Joe Munhall led the transaction for Lancaster Pollard. A national bank is providing the capital, with several other banks syndicating portions of the loan.

May 4, 2018

Colorado Loans Multifamily Western

HFF Arranges $33.8M Loan for Apartment Community in Metro Denver

by Amy Works April 27, 2018

BROOMFIELD, COLO. — HFF has arranged $33.8 million in financing for Palisade Park, a garden-style apartment community at 16815 Huron St. in Broomfield, a northern suburb of Denver. Josh Simon and Kristian Lichtenfels of HFF secured the financing for Jeffrey Sanders of Boulder-based Mountain View Capital. The seven-year, floating-rate loan was secured through Freddie Mac’s CME Program. Loan proceeds were used to refinance expiring construction financing. Completed in 2017, the 216-unit Palisade Park is 95 percent occupied and comprises one-, two- and three-bedroom units ranging from 731 square feet to 1,247 square feet. Additionally, the property features 14,500 square feet of indoor and outdoor amenity space, including a beach-style pool with sundeck and spa; pergola with gas grills and fire pit; 24-hour fitness center; clubhouse with billiards; WiFi lounge; media center and business room; dog wash and dog park; playground; and detached garages.

April 27, 2018

Colorado Development Multifamily Seniors Housing Western

Hillcrest Development, Pathfinder Partners Complete $1.6M Renovation at Independent Living Property Near Denver

by Amy Works April 26, 2018

AURORA, CO. — Hillcrest Development and Pathfinder Partners have completed a $1.6 million renovation and rebranding program at V-Esprit, a 100-unit seniors housing independent living community in the Denver suburb of Aurora. Previously known as the Shalom Park Senior Living Campus, the two companies acquired the property in 2017. Situated on 14 acres, the community features 40 patio homes and 60 apartments ranging from 725 to 1,373 square feet. Residents are restricted to those aged 55 and older. Renovations to the community include converting four one-bedroom apartment units into a clubhouse and card room, as well as refurbishing and modernizing the theater room, library, communal dining area and leasing office. Apartment interiors were also upgraded along with hallways and corridors. Hillcrest Development Group LLC is a Denver-based development company. Pathfinder Partners LLC is a San Diego-based firm specializing in opportunistic and value-add real estate investments.

April 26, 2018

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