A newly constructed luxury community in Denver’s Cherry Creek North neighborhood has received $50 million in refinancing. HFF obtained the financing package on behalf of developer BMC Investments. Freddie Mac provided the 11-year non-recourse, full-term, interest-only and fixed-rate loan through its Lease-Up Loan program.
The new financing package will replace a prior construction loan. According to Yardi Matrix, the developer received two separate construction loans totaling $98.2 million, provided in 2016 by FirstBank and JPMorgan Chase.
The luxury community, completed in June, represents the first, 81-unit phase of The St. Paul Collection, a high-end brand developed by BMC at 210 St. Paul St. The property is near a plethora of restaurants, bars, entertainment and retail. The community comprises one-, two- and three-bedroom units, as well as penthouses. Floorplans range from 770 to 2,800 square feet. An additional 11,000 square feet of retail is located at the ground floor and leased to CB2, a furnishing and décor store.
BMC Investments tapped 4240 Architecture for designing the mid-rise community. In-unit amenities include high-end kitchen appliances, heated floors, home automation, custom flooring and private balconies. The second phase of development will consist of an additional 84 units and 44,000 square feet of retail. BLDG Management will handle operations at 210 St. Paul.
Recently, developer BMC Investments entered the Lakewood, Colo., market with a $78 million purchase, together with Oak Coast Properties—their sixth investment partnership.
Image courtesy of HFF