BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group.
DENVER — KBS has completed the disposition of Granite Tower, a 31-story, Class A office tower located at 1099 18th St. in downtown Denver. A joint venture between CP Group and Related Fund Management acquired the building from KBS REIT II for an undisclosed price. Built in 1983 as part of a four-tower development and formerly known as Steller Plaza and Plaza Tower, the asset now consists of 592,527 square feet of office space and a 774-space, three-level parking structures with 615 spaces dedicated to its office tenants. Tim Richley, Jenny Knowlton, Chad Flynn, Charley Will and Alex Mulvihill of CBRE represented the seller in the transaction. Bruce Fischer, Howard Chu, Amanda Kennedy and Mark Baker of Greenberg Traurig LLP provided legal counsel to KBS in the disposition.
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Thirteen 20 Apartments, a multifamily community located at 1320 Potter Drive in Colorado Springs. The property traded hands for $15.9 million in an off-market transaction. The asset features 132 apartments. The buyer and seller were not disclosed. Michael Krebsbach and Kenny Clarke of Krebsbach Investment Group and Andrew Monette of the Johnson Ritter team assisted both parties in the transaction.
DENVER — A joint venture between Karis Capital and AEW has completed the disposition of a newly developed, Class A warehouse and distribution building in downtown Denver. A national real estate investment, development and management firm acquired the asset for $114 million. Located at 875 W. 64th St., the property features 147,000 square feet of industrial space and immediate access to interstates 25, 70 and 76 and the US 36 freeway. The property is fully leased to a global Fortune 100 company. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Cushman & Wakefield’s Matt Trone, Steve Hager, Drew McManus, Ryan Searle and Joey Trinkle provided market leasing advisory.
DENVER — NorthMarq has arranged the sale of Park 17, an apartment property located at 1210 E. 17th Ave. in Denver. Kairoi Residential sold the asset to an undisclosed buyer for $88.7 million. Completed in July 2020, Park 17 features 190 apartments in 34 floor plans ranging from 504 square feet to 1,663 square feet with nine- to 12-foot ceilings, modern technology packages, Moen plumbing fixtures, glass and custom porcelain backsplashes, Nest thermostats, keyless entries, stall showers and side-by-side refrigerators. On-site amenities include a fourth-floor infinity pool overlooking the Denver skyline. Dave Martin and Brian Mooney of NorthMarq’s Denver office represented the seller in the deal. David Link and Jeff DeHarty of NorthMarq’s Denver debt/equity team arranged $45 million in acquisition financing for the borrower through its relationship with a life insurance company. The transaction was structured with a 10 years of interest-only payments.
LAKEWOOD, COLO. — Colorado Christian University has purchased 333 S Allison Parkway, an office and medical building in Lakewood. An undisclosed seller sold the asset for $5 million. Colorado Christian University plans to use the three-story, 35,741-square-foot building for its main offices and future site of its nursing school. Built in 1987, the property was formerly known as KeyBank Plaza. Garrett Neustrom and Jules Sherwood of Kenai Capital Advisors represented the seller, while Bob Pipkin and Jeff LaForte of Fuller Real Estate represented the buyer in the deal.
DENVER — An affiliate of Crescent Real Estate has acquired a two-building, 119,977-square-foot office and retail property, located at 200-250 Columbine St. in Denver, for $82.7 million. PCCP provided a $56.5 million senior loan for the acquisition of the asset. Western Development Co. sold the property. John Jugl of Newmark represented the seller in the deal. Constructed in 2015, the property features 89,195 square feet of office space and 30,782 square feet of retail space. The eight-story building at 200 Columbine St. features all the office space and 9,856 square feet of restaurant and retail space, as well as a two-story subterranean parking garage. The adjacent seven-story building at 250 Columbine St. features the remaining 20,926 square feet of ground-floor retail space. The building also includes 71 residential condominium units that were not part of the acquisition. The office and retail components of the property were fully occupied at the time of sale.
COLORADO SPRINGS, COLO. — PointOne Holdings has partnered with Stillwater Capital to develop Spring Ranch Apartments, a multifamily community located in Colorado Springs. Totaling 330 units, Spring Ranch will feature a three-acre quad located between the main two buildings that will feature a pool, outdoor kitchens and fire pits, walking gardens and views of the Rocky Mountains. The property will also offer a fitness center and co-working facilities for residents. The joint venture recently closed on the site acquisition and financing for the project. Construction is slated to begin in the near future, with the first units scheduled for delivery in spring 2023.
BERTHOUD, COLO. — NAI Shames Makovsky has arranged the sale of a retail property located at 1111 Mountain Ave. in Berthoud, a small town near Fort Collins. 1111 Mountain Ave LLC sold the asset to 655 South Boulder LLC for $3.1 million. 7-Eleven occupies the 4,067-square-foot building on a triple-net-lease basis. Paul Cattin and Samuel Cohen of NAI Shames Makovsky represented the seller, while Robert Edwards of Blue West Capital represented the buyer in the deal.
COLORADO SPRINGS, COLO. — Dallas-based Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $55.6 million to finance the development of a dual-flagged Marriott hotel property in downtown Colorado Springs. Construction is currently underway for the Springhill Suites/Element Hotel, which will offer a total of 261 guest rooms. The project is a joint venture between Olive Real Estate Group, Hotel Equities, Hotel Operations Services and Colarelli Construction. Completion is slated for spring 2022. Hotel Equities will manage the hotels upon opening. The 136-key Springhill Suites will feature all-suite guest rooms with office desks and kitchenettes. The 125-key, extended-stay Element Hotel will offer rooms with fully equipped kitchens, stainless steel appliances and eight- to 10-foot ceiling heights. Shared hotel amenities will include an open-air courtyard with lounge seating, business center, indoor pool with a whirlpool, complimentary breakfast and a fitness center. Additional amenities will include meeting and event space, a ground-floor restaurant with outdoor seating and a 6,700-square-foot rooftop bar, restaurant and lounge. John Pascal of Paramount Capital Advisors brokered the loan.