This Week’s Denver Deal Sheet
VareCo and JLL secured $55.18M in cash-out refinancing for The Iris, a 276-unit apartment complex in Arvada. The 10-year loan from Fannie Mae is an interest-only loan and carries a fixed interest rate.
The complex is located at 9700 West 51st Place and was originally constructed in the 1970s, according to a press release. The Iris includes six buildings of units that range from one to three bedrooms and is located near the Arvada Public Ridge transit center.
JLL Managing Director Tony Nargi and Director William Haass led the debt advisory team on the deal.
“Tony and William started working with us on this refinancing over seven months ago, and from the very beginning it was clear that they knew every possible lever we could pull in order to maximize proceeds and get the deal closer amidst this extremely challenging lending environment,” VareCo founder Terrance Doyle said in a statement.
SALES
A medical and professional office building at 7501 Village Square Drive in Castle Pines with 10 tenants was sold for $3.1M after being on the market for 60 days. NavPoint Real Estate’s Matt Call and Collin Tedesco represented the seller, MDF Residential, while Holly Trinidad of Hoff & Leigh Colorado Springs represented the buyer, Eclipse Properties LLC.
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A triplex located at 3600 West 20th Ave. in Denver's Sloan Lake neighborhood was sold for $1.25M. Kaufman Hagan’s Gunnar Wilson represented the buyer in the transaction.
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An eight-unit multifamily property located at 7280 and 7325 Tennyson St. in Westminster sold for $1.5M. NorthPeak Commercial Advisors’ Kevin Calame and Matt Lewallen represented the buyer and seller in the transaction.
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A six-unit multifamily property at 3525 South Bannock St. in Englewood was purchased for $1.2M. Broker Kevin Woolsey with Kaufman Hagan represented both the buyer and seller in the transaction.
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The Fabos Family Charitable Foundation sold a pair of properties at 710 East 25th Ave. and 2444 Washington St. in Denver for a combined purchase price of $4.15M to a buyer that plans to turn the properties into a school. NAI Shames Makovsky’s Paul Cattin, Adam Hubschman and Solomon Stark represented the seller in the transaction.
LEASES
HVAC supply company Ferguson Enterprises leased a 135K SF space at the 25 North industrial campus in Thornton. CBRE’s Jeremy Ballenger, Jessica Ostermick and Tyler Carner represented Ferguson in the transaction, while Cushman & Wakefield’s Steve Hager, Matt Trone and Joey Trinkle represented the 25 North ownership group.
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CordenPharma inked a full-building life sciences lease for more than 61K SF at 2300 55th St. in Boulder. CBRE’s Blake Harris represented the building’s landlord, TriTower Financial Group.
CONSTRUCTION AND DEVELOPMENT
A 256-room hotel project known as Populous is scheduled to top out next week as Denver’s hotel market continues to recover from the pandemic.
Denver-based Urban Villages is developing the project. It will include an Aspen tree-inspired design, a rooftop restaurant and bar and a carbon-neutral footprint, according to a news release.
FINANCING
Cushman & Wakefield served as the exclusive adviser to Barings, a global investment management firm, as it secured more than $65.5M for a 387-unit, market-rate multifamily property in Greenwood Village known as Promenade. Cushman & Wakefield’s Rob Rubano, Brian Share, Max Schafer, Becca Tse and Craig Branton represented the borrower in the refinancing transaction.
