This Week's Denver Deal Sheet
Concord Summit Capital closed $232.5M of construction financing for Kindred Resort, a planned mixed-use development at Keystone Resort in Summit County, Colorado. The financing includes a $140M senior construction loan, $55.47M in C-PACE financing, a commitment for $30M preferred equity investment and a $7M co-general partner investment from Pure Development. The project includes a new hotel, dining options, a private ski club and 95 luxury residential condo units.
The 107-key luxury hotel will be managed by Rock Resorts, a subsidiary of Vail Resorts. The development team is a joint venture between Summit County locals Scott Russell, Shervin Rashidi and Ryan Geller, and Denver-based Pure Development.
The project is expected to be complete in 2025. Concord Summit Capital Managing Director Peter Goergen sourced the financing on behalf of the borrowers. PCL Construction is the general contractor and OZ Architecture led the design efforts.
PEOPLE
Billy Woodward joined Unico Properties as its new Colorado market leader. Woodward brings nearly a decade of commercial real estate experience in the Denver market, previously holding roles at Transwestern, Newmark and most recently, Lincoln Property Co. He takes the place of Austin Kane, who stepped down earlier this summer.
SALES
Nicola Wealth Real Estate acquired a 6.7-acre outside storage site at 3751 Fraser St. in Aurora, Colorado. The property is occupied by a truck terminal and has future development potential. Cushman & Wakefield Managing Director Tyler Smith and his team brokered the transaction.
***
Flywheel Capital acquired 4100 East Arkansas Ave., a three-story, 99.3K SF office building in Denver. The asset is exclusively leased to a publicly traded company. The project is adjacent to a 13.2-acre redevelopment currently underway that was previously owned by the Colorado Department of Transportation. 5Star Bank is a lending partner and ICP Funds of Houston is an investment partner in the acquisition.
***
A 19K SF office at 3555 Stanford Road in Fort Collins, Colorado, sold for $3.3M. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the seller. Neither the buyer nor the seller was disclosed.
***
An out-of-state investor acquired a 9.4K SF truck fleet maintenance facility on 2.62 acres at 6310 Byrd Drive in Loveland, Colorado. The property includes drive-through service bays, a drive-through wash bay and lighted outdoor storage for fleet vehicles. The facility is 100% occupied by Penske Truck Leasing. Ben Swanson and John Witt of Quiver Investments represented the buyer.
***
Kairos Investment Management Co. partnered with private real estate investment firm Harbor Associates to acquire The George, a 91K SF, eight-story office and retail property at 820 16th St. in Denver. The seller and sales price were undisclosed.
***
The Source Hotel and its adjacent market hall at 3330 Brighton Blvd. were acquired from Zeppelin Development by Los Angeles-based Stockdale Capital Partners for $61.9M.
***
Cohen-Esrey Development Group broke ground on the Trails at Lehow, an 82-unit affordable multifamily complex near the Big Dry Creek Trail in Englewood, Colorado. I-Kota is the builder and Davis Partnership leads the design team.
