NewPoint Provides $69M HUD Refinancing for Ascent Mixed-Use Property Near Denver
WESTMINSTER, COLO. — NewPoint Real Estate Capital has provided a $69 million HUD 223(f) loan on behalf of Ascent Westminster LLC to refinance Ascent, a mixed-use community in Westminster.
Built in 2019, Ascent features 25,625 square feet of retail space and 255 apartments, with 10 percent of the units designated affordable at 80 percent of area median income. The five-story, elevator-served building features studio, one- and two-bedroom units, a swimming pool, fitness center, sports simulator, fire pits, barbecue grills and a club room. Additionally, the property features 12 townhome-style units with attached two-car garages.
John Motzel of NewPoint originated the loan. The borrower used the loan to pay off a two-year, lease-up bridge loan provided by Barings, a subsidiary of MassMutual.
Kyle Morgue of The Carlton Group served as broker on the transaction.