Grand Peaks Lands $17M for Denver Community
The note retires a $15.9 million loan originated in 2013.
The eight-building community has a swimming pool with sundeck and picnic areas. Image courtesy of KeyBank Real Estate Capital
Grand Peaks Properties Inc. has obtained $16.7 million for the refinancing of Edge DTC, a 204-unit garden-style community in Denver. KeyBank Real Estate Capital arranged the 5-year, Fannie Mae loan, which carries a 5.61 percent interest rate.
The note retires a $15.9 million loan provided by Sun Life Financial in 2013, according to Yardi Matrix data. The borrower purchased the property in 2006 for $19.7 million from Archstone, the same source shows.
The 1986-completed community encompasses eight three-story buildings spread across 7.6 acres. Units are available in one- and two-bedroom layouts ranging between 697 and 960 square feet. Apartments feature private balconies or patios, washers, dryers and walk-in closets.
Common-area amenities include a new fitness center and swimming pool with sundeck, barbecue grills and picnic areas, as well as a clubhouse with business center. The property also features a dog park and dog spa, as well as some 350 parking spaces.
Located at 7500 E. Quincy Ave. in the Denver Tech Center, Edge DTC is close to several dining options. Belleview Square shopping mall and a Walmart Supercenter are within 2 miles, while downtown Denver is some 13 miles away. The community is also roughly 9 miles from a 260-unit Denver property that changed hands earlier this month.
The KeyBank team which structured the financing on behalf of the owner comprised Senior Mortgage Banker Brian Caudel and Senior Vice President Allison Loftsgordon.
