Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/818922
C A L I F O R N I A 36 • May 2017 • Western Real Estate Business www.REBusinessOnline.com M O U N TA I N S TAT E S WESTMINSTER APARTMENT COMMUNITY SELLS FOR $2.3 MILLION WESTMINSTER, COLO. — A 16-unit apartment community in Westminster has sold to a private investor for $2.3 million. The community is located at 7461 Quitman Street. The property contains two buildings with two- bedroom residences. The buyer was represented by Sevak Keshishian and Lance Krachey of Marcus & Millichap. PET SCOOP LEASES INDUSTRIAL SPACE IN DENVER DENVER — Pet Scoop has leased a 10,000-square-foot of industrial space in Denver. The space is located at 1260 West Byers Place. Pet Scoop is the larg- est private dog waste contractor in the state. The company was represented by Nick Schill of Pinnacle Real Estate Advisors in this transaction. GRIFFIS RESIDENTIAL OBTAINS $81.9 MILLION LOAN TO ACQUIRE SKYE 2905 URBAN FLATS DENVER — Griffis Residential has obtained an $81.9 million acquisition loan to purchase the 400-unit Skye 2905 Urban Flats in Denver. The com- munity is situated across from 20th Street, the Union Station neighbor- hood and Downtown Denver's only grocery store, King Soopers. The property was formerly referred to as Skye 2905. HFF's Eric Tupler and Josh Simon worked exclusively on be- half of the borrower to place the 10- year, 3.98-percent, fixed-rate loan with five years of interest-only with a cor- respondent life insurance company. BOULDER COMMUNITY HEALTH BUYS 6.1 ACRES OF LAND IN ERIE ERIE, COLO. — Boulder Community Health has acquired 6.1 acres of land located at the northwest corner of Erie Parkway and South Briggs Street in Erie. The group plans to build a 40,000-square-foot medical office building on the site, complete with an urgent care facility. Construction is set to begin late this year, with a comple- tion date of the fourth quarter of 2018. The property sits adjacent to Erie Community Park and the Erie Com- munity Center, along the main corri- dor into the historic downtown area. ROCKIES LODGING CAPITAL BUYS TWO HOTELS FORT COLLINS, COLO. — Rockies Lodging Capital has purchased two hotels in Fort Collins for an undis- closed sum. The hotels include the 113-room Residence Inn and the 112- room Courtyard, located at 1127 and 1200 Oakridge Drive, respectively. The properties are situated in the cen- ter of Fort Collins main commercial corridor. CBRE Hotels' Mark Dar- rington and Larry Kaplan represented the seller, Southwest Value Partners. TANTRA LAKE APARTMENTS SELLS FOR $45.6 MILLION BOULDER, COLO. — The 185-unit Tantra Lake Apartments in Boulder has sold to the Boulder Housing Au- thority for $45.6 million. The garden- style community is located at 1000 West Moorhead Circle. Tantra Lake is situated about three miles southeast of downtown Boulder and the University of Colorado Boul- der campus. Community amenities include a heated indoor swimming pool, hot tub, outdoor basketball and tennis courts, grilling areas, play- ground, 24-hour fitness facility, man- made lake and views of the Rocky Mountains. HFF's Matthew Lawton and Jordan Robbins represented the seller, Water- ton, in this transaction. TDC HAS NEVER MISSED A FUNDING DATE, HONORS TERMS ON ISSUED TERM SHEETS AND SEEKS TO ESTABLISH POSITIVE LONG-TERM RELATIONSHIPS WITH BORROWERS. Loan Size: $1,000,000 - $10,000,000 LTC: Up to 90% | LTV: Up to 75% First Position Interest Rate: 9% - 13% Second Position Interest Rate: 14% - 18% Origination Points: 1% - 4% PLEASE CONTACT NICK ETHERINGTON nick@taylorderrick.com | 801-450-7815 TAYLOR DERRICK CAPITAL TDC is a private real estate lender that operates between banks and hard money lenders. As a discretionary fund with pooled capital, TDC can provide reliable financing in a quick and responsive manner. CAPTIVE FUNDS WITH NO NEED TO RAISE DEAL BY DEAL CAPITAL QUICK CLOSE - FUND IN AS LITTLE AS ONE WEEK FLEXIBLE AND CREATIVE LOAN STRUCTURES INTEREST-ONLY PAYMENTS BASED ON UNPAID BALANCE RELIABLE LOAN TERMS WITH NO PREPAYMENT PENALTIES LIMITED-RECOURSE LOANS AVAILABLE VISIT US ONLINE AT WWW.TAYLORDERRICK.COM 357 W 200 S, Suite #200 SLC, UT 84101 Turnaround Time: 1 - 3 weeks Typical Loan Type: Bridge, Construction and A & D Asset Type: Commercial and Residential Typical Term: 3 - 24 months Footprint: UT, CO, CA, NV, ID, AZ, OR, WA, MT and WY LENDING PARAMETERS The community is situated across from 20th Street from the Union Station neighborhood of Denver.