Pair of Denver-Area Apartment Communities Receives $77.5M in Financing
DENVER — A pair of multifamily properties in the Greater Denver area has received $77.5 million in financing. The properties include the 240-unit Terra Vida and Block 32 at RiNo.
Terra Vida is located at 3707 Precision Drive in the Fort Collins submarket. It is situated near the Interstate 25 and Harmony Road interchange, less than eight miles from Colorado State University’s main campus.
Community amenities include a Junior Olympic swimming pool and a 5,400-square-foot clubhouse, which features a 24-hour fitness club, pet washing station, pool table and complimentary wireless internet. Terra Vida was completed in 2012.
Block 32 at RiNo is located at 3200 Brighton Blvd. in Denver’s River North (RiNo) neighborhood. It is situated near interstates 70 and 25, less than two miles from Downtown Denver’s Union Station.
Community amenities include a resort-style swimming pool and hot tub, poolside bar, 15,000-square-foot landscaped courtyard with fire pits and ping pong, barbecue area, dog spa with enclosed dog park, clubhouse, fitness center, community kitchen, pool tables, lounge and business center. It was built in 2014.
Terra Vida received a $36.9 million, 20-year, 3.95 percent fixed-rate loan, while Block 32 received a $37.8 million, 20-year, 3.98 percent fixed-rate loan. Both loans will refinance the properties’ existing HUD debt.
Financing was arranged by HFF’s Josh Simon and Kristian Lichtenfels on behalf of Jeffrey Sanders of MountainView Capital LLC.