BROOMFIELD, COLO. — Mesa West Capital has provided Sares Regis Group with $139.9 million in first mortgage debt for its acquisition and repositioning of Terracina Apartments, located at 13620 Via Varra Road in Broomfield.
Built in 2010, the 16.5-acre community features 386 apartments in a mix of one- and two-bedroom apartments spread across four four-story residential buildings. On-site amenities include a pool and hot tub, clubhouse, fitness center, coworking lounge, dog park, pet wash, fire pit and grilling area, and outdoor games area. At the time of sale, the property was 95.1 percent leased.
Brian Torp of Jones Lang LaSalle arranged the financing. A portion of the loan proceeds will help fund the borrower’s capital improvement plan that will feature upgrades to unit interiors, as well as the renovation of the community’s common areas.
The floating-rate loan features a five-year term.