Colorado

Gilbane Breaks Ground on Student Housing Near the University of Colorado, Colorado Springs

by Nellie Day April 19, 2016

COLORADO SPRINGS, COLO. — Gilbane Development Co. has broken ground on West Edge, a student housing community located across the street from The University of Colorado Colorado Springs (UCCS) campus. The development will be located 500 yards from the Kraemer Library and UCCS academic core, and will offer eight different floor plans including studio, one-, two-, three-, four- and six-bedroom units with bed-to-bath parity. Apartments will feature washers and dryers, walk-in closets, stainless steel appliances, granite countertops and flat screen televisions. Community amenities will include a rooftop sky lounge with view of the Pikes Peak mountain range, a clubhouse, study rooms, a tech center with high-powered computers and free printing, a heated saltwater pool, a landscaped courtyard with sundecks, an outdoor kitchen with grilling stations, and multiple outdoor lounges with community fire pits. Residents will also have access to a fitness lodge featuring tanning beds, free weights, cardio equipment, a yoga studio, a bouldering wall and a full-sized basketball court. High-speed Internet, Wi-Fi, cable and furniture will all be included. Asset Campus Housing will manage the community and offer a community life program with resident events, roommate matching services and individual, by-the-bed leases. Parking is available for residents and bike storage …

April 19, 2016

Colorado Hospitality Loans Western

Pearlmark Receives $55.1M to Refinance the Ritz-Carlton in Denver

by Nellie Day April 7, 2016

DENVER — Pearlmark has received a $55.1 million loan to refinance the 202-room Ritz-Carlton in Denver. The full-service, AAA Five-Diamond hotel is located at 1881 Curtis St. The Ritz-Carlton originally opened in 2008. It underwent $9.3 million in capital improvements between 2013 and 2015. The property includes a Ritz-Carlton Club Level, Elway’s Restaurant, the Ritz-Carlton Spa, a recently renovated fitness center with adjacent salon, and an adjacent TruFit Athletic club with lap pool, Olympic weights and an indoor climbing wall. The hotel also offers 12,383 square feet of meeting and event space. HFF’s Eric Tupler and John Bourret arranged the floating-rate loan with the Canadian Imperial Bank of Commerce.

April 7, 2016

Colorado Multifamily Western

Steadfast Apartment REIT Acquires Fielder’s Creek Apartments near Denver for $32.4M

by Nellie Day March 30, 2016

ENGLEWOOD, COLO. — Steadfast Apartment REIT has purchased the 217-unit Fielder’s Creek Apartments in the Denver submarket of Englewood for $32.4 million. The community is located at 3205 W. Floyd Ave., nine miles from downtown Denver. It was built in 1983. Fielder’s Creek is currently 97 percent occupied. The REIT plans to implement a value enhancement program at the property.

March 30, 2016

Colorado Loans Multifamily Western

Mountain View at Palisade Park in Denver Receives $30.5M in Construction Financing

by Nellie Day March 22, 2016

DENVER — HFF has arranged $30.5 million in financing for construction of the 216-unit Mountain View at Palisade Park in the Denver submarket of Broomfield. The community will be located at the southwest corner of 169th Avenue and Huron Street. The property will contain eight residential buildings with one-, two- and three-bedroom units averaging 909 square feet once it’s completed in 2017. HFF’s Josh Simon and Kristian Lichtenfels placed the construction loan with a regional bank on behalf of MountainView Capital.

March 22, 2016

Colorado Loans Multifamily Seniors Housing Western

Zeigler Arranges $44.2M in Bond Financing for Seniors Housing Community in Colorado

by Nellie Day March 18, 2016

COLORADO SPRINGS, COLO. — Ziegler, a specialty investment bank, has arranged $44.2 million in fixed-rate bonds for Sunny Vista Living Center, a skilled nursing and independent living community in Colorado Springs. Sunny Vista features 110 skilled nursing beds and 50 one-bedroom independent living apartments using Section 8 subsidies through the U.S. Department of Housing and Urban Development (HUD). The bonds will fund the addition of 38 assisted living units and 28 memory care units on a 4.8-acre site. The expansion will comprise 55,500 square feet. In conjunction with the financing, Sunny Vista merged with The Villa at Sunny Vista. The two communities were separate entities previously, but were affiliated and shared a CEO. The two facilities will now be a single, consolidated campus. The financing is composed of $42.3 million of tax-exempt bonds and $1.9 million of taxable bonds.

March 18, 2016

Colorado Industrial Western

Garrison Business Park in Lakewood Sells for $7.5M

by Nellie Day March 17, 2016

LAKEWOOD, COLO. — CAM Lakewood LLC has purchased Garrison Business Park, a 49,000-square-foot flex-industrial property in Lakewood, for $7.5 million. The property is located at 9195-9197 W. 6th Ave., about seven miles outside of downtown Denver. The fully leased property is occupied by tenants like Pinkard Construction and Golder Associates. The seller, Pathfinder Partners, purchased the property in December 2012 from a CMBS special servicer’s real estate-owned (REO) department.

March 17, 2016

Colorado Industrial Western

Sovran Self Storage Acquires Extra Space Storage in Denver

by Nellie Day March 17, 2016

DENVER — Sovran Self Storage Inc. has purchased the 521-unit Extra Space Storage self-storage facility in the Denver submarket of Thornton for an undisclosed sum. The sales price equates to $203 per square foot, the highest price paid per square foot for a self-storage facility in Colorado, according to Marcus & Millichap, which represented both the buyer and seller, TRC Companies, in this transaction. The facility is located at 9000 Gale Blvd., about 10 miles north of downtown Denver. It was built in 2011. Adam Schlosser and Chico LeClaire led the Marcus & Millichap team.

March 17, 2016

Colorado Multifamily Western

Jackson Square Buys Arapahoe Club Apartments in Denver

by Nellie Day March 17, 2016

DENVER — Jackson Square Properties has acquired the 185-unit Arapahoe Club apartment community for an undisclosed sum. The community is located at 2800 S. Syracuse Way. It was built in 1994. The Class B property is situated near the Denver Technological Corridor, the area’s largest employment hub with more than 423,000 workers. ARA Newmark represented the seller, the Reliant Group, in this transaction.

March 17, 2016

Colorado Multifamily Western

Advenir Buys 345-Unit Villas at Parker Apartments in Denver

by Nellie Day March 16, 2016

DENVER — Jackson Square Properties has sold the 345-unit Villas at Parker apartment community in Denver to Advenir for an undisclosed sum. The community is located at 1090 S. Parker Road. It was built in 1972 and renovated in 2008 and 2009. ARA Newmark represented Jackson Square in this transaction.

March 16, 2016

Colorado Loans Multifamily Seniors Housing Utah Western

Oxford Provides $27M Loan for Cascade’s Purchase of Three Skilled Nursing Facilities

by Nellie Day March 10, 2016

SEATTLE — Oxford Finance LLC, a Virginia-based specialty finance firm that provides senior debt to life sciences and healthcare services companies, has closed a $27 million term loan to Cascade Capital Group LLC. The funds were used to purchase three skilled nursing facilities in Colorado and Utah. The names of the facilities were not disclosed. Based in Seattle, Cascade Capital is a newly formed private equity firm that invests in long-term care facilities. It leases its facilities to Illinois-based Legacy Healthcare.

March 10, 2016

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