Colorado

Church’s Chicken To Add 20 New Restaurants in Six States

by Nellie Day May 22, 2017

DENVER — Church’s Chicken has entered into a multi-year development deal with Goalz Restaurant Group LLC to develop 20 Church’s Chicken restaurants per year in six states. The agreement, which will affect expansion in Colorado, as well as Florida, Kentucky, Ohio, North Carolina and South Carolina, is Church’s largest ever with a single operator. For the new development deal, Shawn Eby, president of Goalz Restaurant Group, partnered with American Development Partners (ADP) for development of the restaurants. ADP will invest capital to fund real estate acquisitions, construction and design. ADP will be Goalz’s build-to-suit landlord.

May 22, 2017

Colorado Hospitality Western

Holiday Inn Express & Suites Gunnison Hotel in Colorado Sells for $9.7M

by Nellie Day May 19, 2017

GUNNISON, COLO. — A limited liability company has acquired the 107-room Holiday Inn Express & Suites Gunnison for $9.7 million. The hotel is located at 910 E. Tomichi Ave., southeast of Grand Junction. The LLC plans to improve the hotel. Gordon Allred, Shane Hanrahan and Neville Rustomjee of Marcus & Millichap represented the buyer. Allred and Rustomjee also represented the seller, another LLC, in this transaction.

May 19, 2017

Colorado Office Western

Union Investment Acquires Triangle Building in Denver for $154M

by Nellie Day May 9, 2017

DENVER — Union Investment has purchased the Triangle Building, a 21,000-square-foot office building in Denver, for $154 million. The building is situated directly opposite Union Station in the Lower Downtown district. The Triangle Building is 98 percent leased to tenants like media firm Liberty Global, WeWork and software company AutoDesk. The seller was a joint venture between an affiliate of Starwood Capital Group and East West Partners.

May 9, 2017

Colorado Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $34.7M Loan to Refinance, Expand Seniors Housing Community in Colorado

by Nellie Day May 9, 2017

BRUSH, COLO. — Lancaster Pollard has closed $34.7 million in financing for the refinancing and expansion of Eben Ezer Lutheran Care Center in Brush, approximately 90 miles northeast of Denver. In addition to refinancing existing debt with long-term, fixed-rate financing, the loan will allow for construction of 46 units of memory care in three buildings, a 54-unit assisted living building and new physical therapy area. The expansion will also include a new kitchen, laundry and central receiving facilities, as well as the demolition of several existing structures. Rob McAdams led the transaction for Lancaster Pollard.

May 9, 2017

Colorado Office Western

DSP Builders Starts Construction of $18.5M Superior Medical Center in Colorado

by Nellie Day May 8, 2017

SUPERIOR, COLO. — DSP Builders has started construction of a 60,000-square-foot medical office building in Superior. The four-story Superior Medical Center will be situated at the southeast corner of U.S. Highway 36 and McCaslin Boulevard. The $18.5 million project is slated for completion by early 2018. It is 50 percent pre-leased to tenants like Boulder Community Health (BCH), Touchstone Imaging and Cornerstone Orthopedics & Sports Medicine. John Gustafson of Newmark Grubb Knight Frank is overseeing leasing for the building. Intergroup Architects designed the property.

May 8, 2017

Colorado Loans Multifamily Western

New York Life Real Estate Investors Originates $51.8M Loan for 306-Unit Apartment Complex in Denver

by Nellie Day May 5, 2017

DENVER — New York Life Real Estate Investors has originated a $51.8 million loan for the 306-unit Alta Cherry Hills apartment complex in Denver. The community is located at 3650 S. Broadway. The mortgage has a seven-year term. The funds were used to purchase the property. Michael Ortlip of Grandbridge Real Estate Capital acted as the mortgage broker. The borrower was Bell Partners. The seller was not disclosed

May 5, 2017

Colorado Multifamily Western

CBRE Global Investors Fund Buys Alexan CityCenter Apartments in Englewood for $97M

by Nellie Day May 4, 2017

ENGLEWOOD, COLO. — A fund advised by CBRE Global Investors has acquired the 438-unit Alexan CityCenter apartment complex in Englewood for $97 million. The community is located at 801 Englewood Parkway. The garden-style property will be renamed ArtWalk CityCenter. It also features 13,000 square feet of ground-floor retail. The asset is connected to the Englewood Light Rail station, which provides direct access to downtown Denver, Mile High Stadium, Union Station and the airport. CBRE Global Investors has identified Denver has a target market for the group.

May 4, 2017

Colorado Multifamily Western

TruAmerica Multifamily, Magnolia Real Estate Fund Acquire Fox Creek Apartments in Thornton for $53M

by Jeff Shaw May 1, 2017

THORNTON, COLO. — TruAmerica Multifamily and the Magnolia Real Estate Fund have acquired the 287-unit Fox Creek apartments in Thornton for $53 million. The community is located at 12220 Colorado Blvd. The property was built in two phases between 1984 and 1999. CBRE’s David Potarf and Dan Woodward represented the buyers and private seller. TruAmerica financed the acquisition through Freddie Mac’s select sponsor program.

May 1, 2017

Colorado Multifamily Western

Rivendell Global Real Estate Buys Multifamily Community in Boulder for $15.6M

by Nellie Day April 20, 2017

BOULDER, COLO. — Rivendell Global Real Estate has acquired a 26-unit apartment community in Boulder known as 17-Walnut for $15.6 million. The community is situated in the East End corridor of downtown. The sale closed at $654 per square foot, the highest price for a multifamily community within 750 miles of the property, according to ARA Newmark, which represented the seller, Element Properties, in this transaction. Nearby office activity includes Twitter moving into a new 60,000-square-foot space and Google building a $150 million campus set to house 1,500 employees. The community was built in 2015. Community amenities include heated underground parking, bike storage and repair shop, private courtyard with barbecue grills, dog wash, and lobby with Wi-Fi, coffee bar and breakfast service.

April 20, 2017

Arizona Colorado Multifamily Oregon Top Stories Washington Western

Berkeley Point Capital Provides $250.5M Loan for Acquisition of Multifamily Portfolio in Western Region

by Kristin Harlow April 7, 2017

WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller

April 7, 2017

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