JV Secures $47M Loan for Denver-Area Asset
Riverpoint Partners and Iron River Management LLC are developing the four-story, 293-unit community in Lakewood, Colo. An HFF team arranged the financing.
Brickhouse at Lamar Station, a 293-unit community in Lakewood, Colo., has received $47.2 million in construction financing. HFF secured the 15-year loan on behalf of Riverpoint Partners and Iron River Management LLC. The loan includes three years of interest only, followed by a 35-year amortization schedule.
Cuningham Group Architecture Inc. is the architect for the development. According to construction project management firm DAE Group, the total cost of the project is valued at $55 million.
Located on approximately 3.8 acres in the Denver metro area, at 6300 W. 13th Ave., the property will offer convenient access to the Lamar Station light rail. The four-story building will feature community amenities such as 301 parking spots, a resident lounge, sky lounge, dog park and dog wash, fitness center, resident storage, swimming pool and spa.
Brickhouse at Lamar Station will include units averaging 748 square feet and in-unit amenities such as stainless-steel appliances, granite countertops, washers and dryers, wood flooring and balconies or patios.
The community is scheduled for completion in the fourth quarter of 2020. HFF Managing Director Josh Simon and Director Kristian Lichtenfels were part of the debt placement team that represented the borrower. In another recent deal, HFF arranged a $23.5 million loan for The Standard, a 134-unit multifamily property in Scottsdale, Ariz.