DENVER — A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM PRE) and Harbor Associates has purchased the Colorado Bank Building, a 115,000-square-foot historic office building in Denver, for an undisclosed sum. The building is situated at the corner of 17th Street and Champa. The asset was built in 1907. The joint venture plans to reposition the property into high-quality creative office space. The renovation will also include a refresh of the property’s historic lobby, added bike storage, locker rooms and showers and the build-out of other on-site food and beverage amenities.
DENVER — ColRich Multifamily has acquired The Park at Canyon Ridge, a 272-unit apartment community in Denver, for $44.9 million. The community is located at 9757 E. Colorado Ave. The Park at Canyon Ridge is situated near light rail service, schools and major employment drivers, including the Fitzsimons Medical Campus, the Southeast Business Corridor and Buckley Air Force Base. The 13-acre community features units averaging 785 square feet with washers and dryers, fireplaces and private balconies. Amenities include a large swimming pool, fitness center and dog park. The Park at Canyon Ridge is 94 percent leased. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens executed the transaction.
BOULDER, COLO. — Grandbridge Real Estate Capital has closed a $65 million first mortgage loan to refinance the 201-room St. Julien Hotel and Spa in Boulder. The hotel is located at 900 Walnut St. John Stewart arranged the permanent, fixed-rate loan. One of Grandbridge’s insurance company correspondents provided the funds.
BROOMFIELD, COLO. — Northstar Commercial Partners, with its new equity partner Red Starr Investments, has plans to redevelop a property at 800 Hoyt St. in Broomfield, just east of Boulder. The company is demolishing the existing 110,000-square-foot structure to build a new industrial park on the 20-acre, environmentally remediated site. The finished project will contain two buildings totaling 315,720 square feet of Class A warehouse space. David Eyzenberg and Diana Davidson of Eyzenberg & Co. secured the equity partner for this $37 million development deal.
COLORADO SPRINGS, COLO. — ARA Newmark has arranged the sale of the Lookout on Cragmor, a 151-bed community located near the University of Colorado-Colorado Springs. Newsome Development sold the Lookout on Cragmor to Student Quarters for an undisclosed price. Ryan Lang, Brandon Buell and Trent Houchin of ARA Newmark represented the seller.
ENGLEWOOD, COLO. — Bentall Kennedy has received $52.4 million in financing to acquire a 223,177-square-foot trophy office asset in Englewood. The asset is located at 9151 E. Panorama Circle within the Panorama Corporate Center. The property was built in 2017. It is fully leased to Arrow Electronics. Amenities include an employee kitchen, cafeteria, 8,000 square feet of meeting space, and a fitness center with showers and a locker room. HFF’s Cary Abod and Eric Tupler secured the five-year, 3.41 percent fixed-rate, full-term, interest-only loan through a correspondent life insurance company lender.
WESTMINSTER, COLO. — HFF has arranged the $4.3 million sale of Brookhill Towne Center, a 99,142-square-foot retail center in Westminster, located 11 miles north of Denver. Jules Sherwood of HFF represented the seller and procured the buyer, Experimental Holdings Inc. Constructed in 1989, Brookhill Towne Center was 81.5 percent leased at the time of sale to Fruehauf’s, Guiry’s and Dollar Tree.
DENVER — Clearview Realty Finance has funded a $74 million structured bridge and construction loan for the expansion of a historic hotel and resort in the heart of Colorado’s Rocky Mountains. The exact location was not disclosed. The initial tranche of the proceeds was released to refinance the existing senior loan collateralized by the main hotel, lodge, residences and condominium inventory. A secondary portion of funding will be allocated to finance the construction of a new event space, concert venue, full-service luxury spa and wellness center. This loan features a LIBOR-plus-430-basis-points floating rate and a three-year, interest-only term with pre-negotiated options to extend. It is fully pre-payable without penalty after 24 months. Clearview Realty acted as exclusive advisor to a private individual investor to negotiate this transaction through a long-standing relationship with a domestic debt fund.
LITTLETON, COLO. — A venture sponsored by Bell Partners has acquired the 250-unit Escape at Ken Caryl apartment community in Littleton for $64 million. The community is located at 12044 W. Ken Caryl Circle within the Ken Carl Ranch Master Association. The master-planned development features 3,800 acres of private open space, more than 25 miles of trails and The Ranch House, which includes tennis courts, outdoor 25-meter swimming pool, soccer fields, disc golf course, sand volleyball court and equestrian center. The asset is also situated near the Denver Technological Center business corridor. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, TA Realty, in this transaction.
LAKEWOOD, COLO. — RCG Ventures has acquired Westland Town Center, a 326,607-square-foot retail center in Lakewood, located eight miles southwest of Denver. The sales price and seller were not disclosed. Scott Tarbet of RCG Ventures represented the company internally in the transaction. Lowe’s Home Improvement, Dollar Tree and Sears anchor the property. Sears was not included in the transaction.