Crow Holdings Lands $52M Refi for Denver Asset
The owner fully repositioned the property in 2022.
An affiliate of Crow Holdings has obtained $52 million in refinancing for Canyon Reserve at the Ranch, a 256-unit multifamily property in Westminster, Colo. Mesa West Capital provided the short-term, floating-rate first mortgage debt.
Previous financing includes a $56 million permanent loan originated in July 2022 by JPMorgan Chase, according to Yardi Matrix information. That note matured at the beginning of this month.
Crow Holdings acquired the asset in April 2022 from Continental Realty Group, the same source shows. The firm paid $93.5 million for the garden-style property.
Completed in 1984, the community is at 2890 W. 116th Place, close to Highway 287 and Interstate 25. Downtown Denver is 16 miles away, while Denver International Airport is within 30 miles.
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The property encompasses 17 two-story buildings across more than 13 acres and was fully repositioned in 2022. The unit mix consists of one- and two-bedroom floorplans ranging from 744 to 1,034 square feet. Apartments also feature private balconies or patios, as well as walk-in closets.
Common-area amenities include a swimming pool with sundeck, outdoor grilling area, fitness center and dog park, as well as a playground. The community also has laundry facilities, a business center and a picnic area.
Multifamily originations dropped quarter-over-quarter
Multifamily originations in the second quarter of this year dropped by 35 percent compared to the same period last year, according to a Mortgage Bankers Association report. Additionally, loan completions fell by 41 percent quarter-over-quarter.
At the beginning of the year, a joint venture between Trammell Crow Residential and Cigna landed $75 million in refinancing for One Seven at Belleview Station, a Denver community. The 250-unit luxury property came online last year.
