DivcoWest Lands $70 Million Refi for Denver Community
The owner bought the asset in 2021.
DivcoWest has obtained $70 million in refinancing for 24Fifty at University Park, a 252‑unit luxury community in Denver. CBRE arranged the five-year, floating-rate loan from a national debt fund on behalf of the borrower.
The owner acquired the asset from Tessler Development in 2021 for $90 million, or $357,142 per unit, according to Yardi Matrix information. Previous financing included a $44.2 million loan originated by Brookfield Properties that same year which reached maturity in 2024, the same source shows.
Located at 2450 S. University Blvd., the property has access to Interstate 25 and the surrounding parks, while retail options such as Walmart Supercenter, Target and Costco Wholesale are less than 5 miles southwest. Denver University is a block away, while downtown Denver is 8 miles northwest.
Spotlight on a Denver community
Completed in 2019 on some 2 acres, the four-story building comprises studio, one- and two-bedroom floorplans ranging from 588 to 1,160 square feet. All units have closets, washers and dryers, with some encompassing extra storage and balconies.
Shared amenities at the pet-friendly and smoke-free community include a rooftop terrace, swimming pool, fitness center, clubhouse, game room, grill area and spa. Additionally, some 300 car parking spots, as well as 31,000 square feet of retail space, are at ground level. Sentral, which oversees the building, was among the firms that doubled their units under management between 2022 and 2024, as revealed in MHN’s annual ranking of the top multifamily property management companies.
CBRE’s Executive Vice Presidents Brad Zampa and Mike Walker, Vice Chairman Brady O’Donnell and Director Jill Haug comprised the team brokering the loan for 24Fifty on behalf of DivcoWest.
