Financing a New Pedigree of Multifamily in Denver
- Mar 06, 2015
Denver—The Confluence, a best-in-class luxury Denver development, has received a 48-month, 65 percent loan-to-cost construction loan through a national bank courtesy of HFF. The mortgage banking firm is no stranger to the project, having arranged the joint venture development partnership between developers PM Realty Group and National Real Estate Advisors. The 34-story, 288-unit tower is rising on 1.21 acres at the southwest corner of 15th and Little Raven streets in the Riverfront Park area of the Lower Downtown District.
Mountain and skyline views will certainly be a big draw. So will the amenity package with a fitness center, swimming pool with lounge and cabanas, spas, fire pit, game room, clubhouse and business center. Completion is set for 2017. The finished product will also include 10,000 square feet of retail and a 300-space underground parking garage.
Miracle Mile Multifamily trades for $23.5 million
Los Angeles—A 71-unit apartment community located at 5700 West Olympic Blvd. in Los Angeles has traded hands for $23.6 million. An affiliate of Hillstreet Realty was the seller. The buyer was a private investor. Marcus & Millichap’s West Los Angeles office represented both parties.
The 1972-built three-story wood-frame and stucco building recently saw more than $1.9 million in renovations, including new copper plumbing, a new roof, new double-pane windows, a new barbecue area, pool and spa. In addition, 21 apartments have been completely renovated with new flooring, appliances and in-unit washers and dryers. Amenities include a fitness center, a new pool and spa, card-operated laundry and 106 parking spaces.
Walker & Dunlop originates full-term interest-only loan for CAPREIT
Bethesda, Md.—Walker & Dunlop Inc. originated a $19.04 million acquisition loan for Brantley Pines, a garden-style apartment community located in Fort Myers, Fla. The seven-year Freddie Mac loan was structured with seven years of interest only and will allow the borrower, CAPREIT, to complete extensive value-add renovations to the property.
Dustin Swartz, Bethesda-based vice president, led the Walker & Dunlop team that structured the deal. Swartz commented, that the transaction exemplifies the GSEs’ competitive offerings that allow borrowers to take advantage of value-add acquisitions in markets that are outperforming. He said CAPREIT is a strong sponsor and a repeat Walker & Dunlop client, and the property is a high-occupancy apartment project in a great location.
Brantley Pines consists of 19 two-story apartment buildings with a total of 296 units and a free-standing clubhouse. Common area amenities include a coffee café with free Wi-Fi, resort-style swimming pool with a sundeck and lounge area, 24-hour fitness center, lighted tennis courts, sand volleyball court, dog park, BBQ/picnic areas and a central lake with fountains.