Hines JV Lands $59M for Colorado Luxury Project
CBRE arranged the construction financing.
A partnership between Hines and MBK Rental Living has received $58.7 million for the construction of Retreat at Mountainside, a 284-unit luxury community in Colorado Springs, Colo. First National Bank of Omaha provided the loan, public records show. A CBRE team arranged the financing.
Construction of the project began in October and completion is anticipated in 2025. The development team includes general contractor Modern Constructors and architecture firm Meeks & Partners.
Upon delivery, the garden-style community will encompass seven three- and four-story buildings spread across 9.7 acres. The upscale units will be divided into one-, two- and three-bedroom floorplans, ranging from 628 to 1,429 square feet. Common-area amenities are set to include a swimming pool, fitness center with a yoga room, clubhouse, private party room, dog park and coworking area, along with conference rooms.
The Class A community takes shape at 9570 Grand Cordera Parkway, close to a Target store. UCHealth Memorial Hospital North and Marketplace at Briargate are within a 2-mile radius, while downtown Colorado Springs is some 14 miles southwest. The property is also roughly 9 miles from two properties that were sold together earlier this year for $74.1 million.
The CBRE Capital Markets’ Debt and Structured Finance team which arranged the financing included Vice Chairman Brady O’Donnell, Director Jill Haug and Associate Vice President Alex Scott.