Greystar Lands $50M for Denver Community
The property came online last year.
Greystar has obtained a $50.2 million loan for Thayne Brighton, a 288-unit multifamily property in Brighton, Colo., Yardi Matrix data shows. Prudential Financial originated the permanent loan that matures in January 2031.
Previous financing includes a $48 million note from PNC Bank, the same data provider shows. The borrower used it to build the 12-building community.
Completed last year, the three-story property sits on almost 13 acres at 305 N. 42nd Ave., close to Interstate 76 and 3 miles from Brighton’s city center. Downtown Denver is within 25 miles southwest.
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The unit mix comprises one-, two- and three-bedroom floorplans ranging between 677 and 1,283 square feet. Apartments have private balconies or patios, washers and dryers.
Common-area amenities include a fitness center, clubhouse, playground and business center, as well as a swimming pool. The property also has a coworking space, lounge area, firepits, grills and picnic areas, a dog park and more than 575 parking spaces.
Multifamily loan originations grow year-over-year
Multifamily loan originations increased 27 percent year-over-year in the third quarter of this year, according to a Mortgage Bankers Association report. However, quarter-over-quarter growth was limited to 12 percent, signaling continued lender caution amid softer market conditions.
In September, Buckingham Cos. landed $110 million in refinancing for two communities: a 353-unit property in Loveland, Colo., and a 240-unit property in Durham, N.C. The Denver-area low-rise consists of 10 residential buildings.
During that same third quarter, Formativ landed a $65.6 million construction note for 3850 Blake, a 310-unit Denver project. The development broke ground a month earlier and is scheduled to come online by the end of 2027.
