Colorado

Focus Property Group Receives $69M Loan for Hilton Garden Inn in Denver

by Nellie Day January 20, 2017

DENVER — Focus Property Group has received $69 million in financing to develop a 12-story Hilton Garden Inn in Denver. The hotel is situated at 20th Street and Chestnut Place. It sits adjacent to Denver’s Union Station. The Hilton Garden Inn is being built around the historic Denver Hose Company No. 1 building, which will be restored and incorporated into the hotel. The 42-month, fixed- and floating-rate structured financing included $18 million in mezzanine debt as well as $8 million in preferred equity. Bank of the Ozarks served as the senior lender, Artemis Real Estate Partners served as the mezzanine lender and EverWest Real Estate Partners served as the preferred equity lender. Marc Sallette, David Treadwell, Mike Cantwell and Olga Lepow of CBRE Hotels’ Debt & Structured Finance secured the financing.

January 20, 2017

Colorado Industrial Loans Western

Pauls Receives $73M Refinancing for 14-Building Industrial Portfolio in Aurora

by Nellie Day January 19, 2017

DENVER — Pauls has received a $73 million loan to refinance a 14-building industrial portfolio in Aurora. The portfolio totals 1.9 million square feet of Class A distribution warehouse space. Properties included in the portfolio feature clear heights between 22’ to 32’ and buildings sizes ranging from 72,000 square feet to 347,840 square feet. All buildings were constructed between 1996 and 2015. The buildings are leased to 40 tenants, including Whole Foods Market, VWR International, Simmons Company and MSI International. They are situated on a total of 111.7 acres in the East I-70/Montbello industrial submarket in northeast Denver. The two 10-year, fixed-rate, full-term, interest-only loans were placed with Nationwide Life Insurance Co. The funds were used to refinance an existing life company loan and a construction loan. HFF’s Kristian Lichtenfels and Eric Tupler arranged the loans.

January 19, 2017

Colorado Hospitality Western

Schulte Hospitality Buys Hyatt Place in Colorado Springs

by Nellie Day January 10, 2017

COLORADO SPRINGS, COLO. — Schulte Hospitality has purchased the 126-room Hyatt Place in Colorado Springs for an undisclosed sum. The hotel is located at 503 W. Garden of the Gods Road. CBRE Hotels’ Larry Kaplan and Mark Darrington represented the seller, a joint venture between Sage Hospitality and Whitman Peterson, in this transaction.

January 10, 2017

Colorado Loans Multifamily Western

George Smith Partners Secures $41M for the Vineyards Apartments in Colorado Springs

by Nellie Day January 3, 2017

COLORADO SPRINGS, COLO. — George Smith Partners has arranged $41 million in acquisition financing for the Vineyards, a 300-unit apartment community in Colorado Springs. The community is located at 4350 Mira Linda Point. The private real estate investment and development company that purchased the asset plans to renovate all units and upgrade the community’s landscaping and on-site amenities, including the clubhouse, fitness center, leasing offices and business center. The non-recourse loan features a fixed 4.31 percent interest rate with nine years of interest-only payments. George Smith Partners’ Jonathan Lee arranged the financing, which Walker and Dunlop provided.

January 3, 2017

Colorado Multifamily Western

Alexan Sloan’s Lake Apartments in Denver Sells for $102.8M

by Nellie Day December 22, 2016

DENVER — Castle Lanterra has acquired the 369-unit Alexan Sloan’s Lake apartment community in Denver for $102.8 million. The community is located at 1550 Raleigh St. Alexan Sloan’s Lake features 9,000 square feet of first-floor retail. The property is part of a 19-acre mixed-use redevelopment of the former Saint Anthony Hospital campus. The development will eventually contain up to 150,000 square feet of retail and office space. Jeff Hawks, Terrance Hunt, Doug Andrews, Shane Ozment and Chris Cowan of ARA Newmark represented the seller, a joint venture between Trammell Crow Residential and an institutional investor.

December 22, 2016

Colorado Multifamily Western

PCCP, Griffis Residential Buy Monterey Apartments in Littleton

by Nellie Day December 21, 2016

LITTLETON, COLO. — A joint venture between PCCP and Griffis Residential has acquired the 332-unit Monterey Apartments in Littleton for an undisclosed sum. The new owners will rebrand the community as Griffis Marston Lake. It is located at 4601 S. Balsam Way. The joint venture plans to renovate the clubhouse, fitness center, pool and spa, and upgrade the community landscaping. Unit interiors will be upgraded with vinyl plank floors in kitchens, living rooms and bathrooms, new kitchen cabinet faces, quartz countertops and stainless steel appliances. Notable employers in the area include Lockheed Martin, the Denver Federal Center, the National Renewable Energy Lab and St. Anthony’s Hospital.

December 21, 2016

Colorado Office Western

Koelbel and Co. Breaks Ground on Office Project in Colorado

by Nellie Day December 15, 2016

LOUISVILLE, COLO. — Koelbel and Co. has broken ground on a 57,700-square-foot office project in Louisville. The Class A building is located at 168 Centennial Parkway within the Centennial Valley Business Park. The property offers direct access to U.S. Highway 36 and is nearby to Boulder.

December 15, 2016

Colorado Loans Office Western

HFF Arranges $32M Refinancing for Creative Office Development in Denver

by Nellie Day December 15, 2016

DENVER — HFF has arranged a $32 million refinancing for a 151,500-square-foot creative office development in downtown Denver. The property is located at 3001 Brighton Blvd. in the River North (RiNo) submarket. The property was built in 1939 as a produce depot before. It is 97.7 percent leased to a mix of office, retail and restaurant tenants, including CorePower Yoga, Booyah Marketing and Uber. HFF’s Josh Simon, Kristian Lichtenfels and Riaz Cassum secured the seven-year, fixed-rate loan through a life insurance company. The team worked on behalf of Industry Founders and Clarion Partners.

December 15, 2016

Colorado Loans Office Western

Unum Life Insurance Provides $13M Refinancing for Denver Dry Goods Building

by Nellie Day December 12, 2016

DENVER — Unum Life Insurance Company of America has provided a $13 million refinancing for the Denver Dry Goods Building, an 84,495-square-foot retail and office building located in downtown Denver. Leon McBroom and Kristian Lichtenfels of HFF worked on behalf of the borrower, Jonathan Rose Cos., to secure the 10-year, fixed-rate loan. HFF will service the loan. The property — which is a designated historic landmark — is home to tenants including T.J. Maxx, Visit Denver Center, Jason’s Deli, Starbucks Coffee, Denver Urban Renewal Authority, the Aveda Institute and Yuthok Jewelry.

December 12, 2016

Colorado Retail Western

Hanley Negotiates Sale of 83,279 SF Shopping Center in Arvada

by Nellie Day December 7, 2016

ARVADA, COLO. — Hanley Investment Group Real Estate Advisors has arranged the sale of Arvada West Town Center, an 83,279-square-foot shopping center located roughly 11 miles outside Denver in Arvada. Walmart Neighborhood Market shadow-anchors the center, which is 89 percent leased to tenants including AutoZone, Wendy’s, Fantastic Sam’s, The Salvation Army, Quiznos and Qdoba Mexican Grill. Kevin Fryman and Edward Hanley of Hanley Investment Group represented the buyer, Starboard Realty Advisors LLC, and the seller, Arvada West 04 LLC, in the transaction. The sales price was undisclosed.

December 7, 2016

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