Suburban Denver Community Lands $40M Refi
- Jun 15, 2020
Sentinel Real Estate has received a $40 million Fannie Mae loan for Enclave at Cherry Creek in Parker, Colo., according to Yardi Matrix. The NKF-originated financing matures in 2027 and retires $37.4 million in debt from U.S. Bank. The owner acquired the 285-unit community for $71 million from AG Spanos Cos. shortly after it delivered in 2017.
Located at 17565 Pine Lane, the asset is 5 miles from Interstate 25, 13 miles from Meridian Business Park, 17 miles from Denver Tech Center and some 20 miles southeast of downtown Denver. The property comprises one-, two- and three-bedroom apartments ranging in size from 592 to 1,359 square feet in five four-story buildings on a 37-acre site. Common-area amenities include a community garden, dog washing station, outdoor lounge with fire pit and basketball court.
At the start of the year, Sentinel Real Estate paid close to $55 million for a 213-unit luxury community in Minneapolis. BlackRock sold the asset, which was redeveloped from a historic, century-old hospital in 2008.