Barings Lands $65M Refi for Denver-Area Community
Cushman & Wakefield arranged the refinancing for the Greenwood Village, Colo., property.
Promenade Place. Image courtesy of CoStar
Barings has secured a refinancing for its 387-unit community in Greenwood Village, Colo. The firm advises a domestic pension fund that owns the community, Promenade Place, through a joint venture with the original developer, Finger Cos.
Cushman & Wakefield’s Rob Rubano, Brian Share, Max Schafer, Becca Tse and Craig Branton represented the borrower and arranged the loan, which was provided by an undisclosed major U.S. life insurance company.
Promenade Place was developed in 2002 and has units spread across three multifamily buildings that range from five to eight stories tall. The mid-rise community offers one-, two- and three-bedroom units that average 1,101 square feet and were built with in-unit washers and dryers and private patios and balconies. Select units also feature fireplaces, built-in computer niches and bookcases. The community’s amenities include a heated pool, outdoor patio, clubroom, fitness center, business center, conference room, coffee bar, package lockers, outdoor grilling stations and electrical vehicle charging stations.
Located at 5200 S Ulster St., Promenade Place is situated within the Denver Tech Center, an area that serves as a hub for local, national and international businesses, particularly tech companies. The community is located roughly 13 miles from downtown Denver.
Finger Cos. has developed apartment communities across the U.S., with its portfolio mostly concentrated in Texas, mainly Houston, with additional properties in Clear Lake, Dallas, Galveston and Austin. Finger Cos. has also developed communities in Atlanta and Chicago and, on a smaller scale, Florida, Massachusetts, Minnesota, California and Colorado.
Barings is currently working on the third phase of Washington Gateway alongside its joint venture partner, MRP Realty. The latest phase of its mixed-use community includes a 254-unit community called The 202. Its developers recently landed $69.4 million in financing from Santander Bank for the project.
