HFF arranges $230 million for Breakers Resort
HFF arranged $230 million in financing for The Breakers Resort, a six-village, 1,523-unit, Class A multifamily community in Denver.
The HFF team worked exclusively on behalf of the borrower, The Bascom Group LLC, to secure a $165 million first mortgage, a $26.25 million mezzanine loan, and $38.75 million of preferred equity. The $165 million first mortgage was a floating-rate loan and included a three-year term with two, one-year extension options. It was provided t…
HFF arranges $230 million financing for The Breakers
HFF arranged $230 million in financing for The Breakers Resort, a six-village, 1,523-unit, Class A multifamily community in Denver.
The HFF team worked exclusively on behalf of the borrower, The Bascom Group LLC, to secure a $165 million first mortgage, a $26.25 million mezzanine loan, and $38.75 million of preferred equity. The $165 million first mortgage was a floating-rate loan and included a three-year term with two, one-year extension options. It was provided thr…
Terrix handles challenging deal
Kevin Chadwick said he could have shopped a recent acquisition deal to 50 lenders and 49 would reject it.
But Chadwick, a principal of Terrix Financial, only went to about 20 lenders before he found the “needle in the haystack” lender willing to fund a $9.5 million loan for the $15.2 million purchase of an industrial property in Colorado Springs by a California-based investment company.
“It was an interesting deal. It was a challenging deal,” said Chadwic…
HFF arranges $74 million in financing
HFF announced on Monday that it has arranged a $74 million loan for the refinancing of 1400 Wewatta and 1401 Wynkoop, two Class A contiguous office buildings totaling approximately 300,000 square feet in downtown Denver.
HFF worked on behalf of the borrower, Wewatta and Wynkoop PT LLC, a GE Asset Management and Crestone Partners managed entity, to secure a permanent loan through a national life insurance company correspondent lender.
The two buldings are on nearly two acr…
CRE loan sales as exit strategy
With the banks and other real estate lenders becoming healthier, and with distressed real estate loan portfolios shrinking, what is the future of real estate loan sales? Will loan sales remain as a preferred exit strategy for real estate lenders?
Over the last five years, loan sales have become a popular exit strategy for holders of nonperforming real estate debt, and over this same period real estate investors’ demand for these opportunities has skyrocketed. The demand for…
Broe buys $80 million portfolio
The Denver-based Broe Real Estate Group today announced it has acquired for cash an off-market, $80 million portfolio of non-performing loans and real estate owned property from a billion dollar regional bank.
Broe has acquired more than $500 million total in distressed real estate assets to date.
“2012 was a strong year for us, and we expect that 2013 will be even better,” said Pat Broe, CEO, Broe Real Estate Group. “We have a strong interest in continui…
McWhinney joins Union Station team
Loveland-based McWhinney has joined the Union Station Alliance group as the managing member of the team that is redeveloping Union Station.
Union Station Alliance includes Larimer Associates, Sage Hospitality, REGenLLC and Urban Neighborhoods
McWhinney is an real estate investment and development company, responsible for large-scale multi-use developments in Colorado such as Centerra in Loveland and North Park in Broomfie…
Fiscal cliff a 'primary concern' for commercial real estate
Cassidy Turley today released research examining the impending “fiscal cliff’s” impact on commercial real estate markets across the country. The report summarizes the various scenarios related to fiscal policy and then draws the link to commercial real estate. “The fiscal cliff is our primary concern regarding the continuation of Denver’s current positive growth,” according to Greg Morris, president and CEO of Cassidy Turley Colorado. “Goi…
Finance group expanding in Denver
A New York based firm that specializes in funding the renovation and acquisition of apartments, is looking to expand its footprint in the Denver area. The ideal borrower is a savvy buyer that wants to build a relationship with the lender and its tenants. Read about it in the next edition of the Colorado Real Estate Journal.
Lichtenfels promoted at Johnson Capital
Kristian Lichtenfels has been promoted to vice president in the Denver office of Johnson Capital, a national real estate capital advisory firm.
In his new position, Lichtenfels will expand the direct capital advisory services for clients of the Denver office.
Lichtenfels joined Johnson Capital in 2010 as a senior analyst and by the start of 2011 he was promoted to the position of director to assist clients directly in arranging capital solutions.
Since joining Johnson Capital h…
Bank merger completed
CIC Bancshares Inc., a Denver-based bank holding company and the parent holding company of Centennial Bank and Millennium Bancorp Inc. have completed their merger.
Millennium Bancorp is the parent holding company of Millennium Bank, based in the mountain town of Edwards.
The combination creates a full-service community bank with approximately $400 million in assets and a total of nine branch operations serving the Denver-Boulder area and several key …
HFF makes hire in Denver
HFF announced today that Jordan Robbins has joined the firm as a director in its Denver office.
Robbins will focus primarily on multi-housing investment sales throughout Colorado and the western United States. Since 2004, Robbins has closed 96 transactions valued at more than $1.9 billion totaling more than 23,500 units.
Prior to joining HFF, Robbins worked as a senior associate specializing in multi-housing investment sales at CBRE’s Denver office. Prior to that, he …
The changing shape of big-box retail
NVC's Reagan Hardwick observes how market conditions and online competition are shaping big-box retail: Clearly there are merchandise categories that are thriving as a result of changing consumer behavior and some that are exhibiting signs of sharp decline. For real estate investors, consideration of tenant composition has become an increasingly important factor. Comparable sales data and market participant interviews indicate that investors will pay a premium for category-dominan…
Financing options for retail properties improve
Ed Boxer of Essex Financial Group says virtually all commercial real estate lending came to a halt in 2009 and began to recover in 2010. Lending on retail centers has taken the longest to regain its footing and lenders remain cautious when it comes to lending on retail properties but it has recovered and stabilized centers in good locations with strong sponsors can obtain nonrecourse permanent financing at historically low interest rates. The most desirable retail centers continue…
Veteran lenders join CBRE Group
Michael A. Cantwell and Brady O’Donnell, two of the region’s top commercial mortgage brokerage professionals, have joined CBRE Group Inc. as executive vice presidents, based in Denver. They both are coming from Johnson Capital of Colorado. Cantwell was one of the founding partners and O’Donnell was a principal of JCOC. Also joining CBRE from Johnson Capital is David Treadwell, a former place kicker for the Denver Broncos. Treadwell has an electrical enginee…