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.
NORTHGLENN, COLO. — Hutensky Capital Partners has purchased Marketplace at Northglenn, a 439,000-square-foot shopping center in Northglenn, a northern suburb of Denver, for $48 million. The center is shadow-anchored by Lowe’s Home Improvement, and is also home to Ross Dress for Less, Bed Bath & Beyond, Office Depot, PetSmart and JoAnn Fabrics. The seller was not disclosed.
THORNTON, COLO. — Simon has broken ground on Denver Premium Outlets, a 330,000-square-foot open-air outlet center located 12 miles outside Denver in Thornton. The mall will be home to 80 outlet stores offering discount, name-brand merchandise. The location marks the first and only Premium Outlets development in the state of Colorado. It is scheduled to open in fall 2018.
DENVER — Griffis Residential has closed Griffis Premium Apartment Fund IV, a $407 million fund that was used to acquired four apartment communities throughout the West and Texas. The communities contain a total of 1,475 units. They are situated in the metro areas of Seattle, Denver, Los Angeles and Austin, Texas. Fund IV iss targeting about $1 billion in multifamily apartment investments primarily in Colorado, Texas, Washington, Oregon and California. Griffis’ fourth private equity real estate investment fund pursued the same investment strategy as its predecessor funds: acquiring high-quality apartment communities and creating value through operational and capital improvements. Target assets are typically of recent vintage, contain more than 200 units and have a total project cost ranging from $50 million to $150 million. Acquisitions in Fund IV are focused on markets benefiting from above-average wage growth and demographics that favor the apartment industry. Shelter Rock Capital Advisors acted as the exclusive capital advisor to Griffis Premium Apartment Fund IV.
AURORA, COLO. — Doster Construction Co. is set to start construction of the 280-unit Springs at Eagle Bend apartment complex in Aurora. The 283,084-square-foot development includes 14 buildings with their own private, ground-level entrance. Amenities will include a resort-style pool, fitness center, two pet playgrounds, clubhouse and 12 parking garage buildings. The apartment community is scheduled for completion in winter 2019. Continental Properties is developing the property, which Phillips Partnership designed.
DENVER — ARA Newmark has brokered the $141.5 million sale of Steele Creek, a 218-unit luxury multifamily community located in the Cherry Creek neighborhood of Denver. The community offers studio, one- and two-bedroom units. Shared amenities include a rooftop deck with an infinity pool, spa, fireplace, cabanas, daybeds, high-end grills and dining areas; a clubroom with billiards and a virtual golf/sports simulator; and a business lounge. The property also features ground-floor retail space leased to Matsuhisa Restaurant, AT&T and Drybar. The 12-story development is located across the street from Cherry Creek Shopping Center, home to over 160 retailers including Nordstrom, Neiman Marcus, Macy’s and Restoration Hardware. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, Denver-based real estate investment company BMC Investments, in the transaction. The buyer was not disclosed. — Katie Sloan
CASTLE ROCK, COLO. — Development firm P3 Advisors has acquired a 65-acre tract of land in Castle Rock, roughly midway between Denver and Colorado Springs, for the development of Miller’s Landing, a mixed-use project that is expected to generate between $350 million and $500 million in private investment. Miller’s Landing will feature a full-service resort and conference center, retail pad sites, office space and restaurants. Developers estimate that the property will span approximately 900,000 square feet upon completion. The property will also include an undetermined amount of public parking space. The hotel will offer 250 rooms, while the retail and office components could total as much as 250,000 square feet and 480,000 square feet, respectively, according to the Denver Post. Under the terms of the development agreement, the amount of retail development will be limited to 100,000 square feet until the hotel is complete and operating. The full 250,000 square feet of retail space may not be developed until 150,000 square feet of office space has been built. The development site, located at the northwest corner of Interstate 25 and Plum Creek Parkway, is a former landfill situated within Philip S. Miller Park, a 300-acre swath that attracts about 1.5 …
LONGVIEW, COLO. — A regional private investor has acquired the 130-unit Mountain View Apartments in Longview for $10.5 million. The community is located at 2185 38th Ave. The asset has received recent capital upgrades. Major employers in the area include PeaceHealth St. John Medical Center, Winco Holdings Inc., Lower Columbia College, Pacific Lumber & Shipping Co. and Solvay Chemicals Inc. George Miller of Marcus & Millichap represented the buyer. The firm’s Joel Deis represented the seller, a regional private investment partnership, in this transaction.