Riverpoint Partner’s Denver Community Lands $41M Refi
- Dec 20, 2019
Riverpoint Partner has received a $41 million loan to refinance Decatur Point, a 203-unit community in Denver. JLL worked on behalf of the borrower to secure the 10-year, 3.5 percent loan through a correspondent life company lender. The mortgage features a forward-rate lock and interest-only amortization. Iron River Management manages the asset and is also the lead investor in the Class A property.
Located at 2700 Decatur St. in the metro’s Jefferson Park neighborhood, the Class A property is across the river from downtown and Union Station. The Cherry Creek and Platte River trails as well Speer Boulevard and Interstate 25 are also just minutes away from the five-story building. Completed two years ago, Decatur Point features studios and one- and two-bedroom apartments, averaging 775 square feet. Amenities include a 3,500-square-foot courtyard with lounge seating, swimming pool, grilling and dining area, fitness center, club room and rooftop sky lounge. According to Yardi Matrix data, the property was 97 percent occupied as of November.
JLL Managing Director Josh Simon led the team that represented the borrower in the deal. In October, Simon also secured a $14.7 million fixed-rate refinancing for Tennyson Place, an 81-unit community in Denver’s Berkeley neighborhood.