Western Real Estate Business

SEP 2018

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/1027244

Contents of this Issue

Navigation

Page 38 of 82

C A L I F O R N I A 36 • September 2018 • Western Real Estate Business www.REBusinessOnline.com M O U N TA I N S TAT E S MAINSTREET PARTNERS BREAKS GROUND ON WEST END ON MAINSTREET PARKER, COLO. — Mainstreet Part- ners recently broke ground on West End on Mainstreet in Parker. The first phase of development features a high-end 51-room boutique hotel named the Laszlo, situated in front of the AMC Theater on Stage Run Road. Designed by Associated Architects and constructed by Superior Build- ers, the Laszlo will be the newest ad- dition to the Preferred Hotels brand. The four-story hotel will be completed in summer 2019. The Laszlo will be owned and operated by Mars Hospi- tality, LLC, headquartered in Parker. Centered around a public plaza with street art, seating areas and a firepit, the future of Parker as a competitor for arts, entertainment and culture in the metro region expands with the Laszlo and continues with following stages of the West End on Mainstreet. Rather than hosting national chains, the project seeks to curate well-known and widely respected local businesses to serve as tenants. The West End will preserve the local charm of Main- street, highlight the best the town of Parker has to offer, and foster a neigh- borhood space that is truly their own. ALPHA WAVE INVESTORS ACQUIRES 94-UNIT MULTIFAMILY PROPERTY MIDVALE, UTAH — Alpha Wave In- vestors has purchased Park Station Apartments, a multifamily property located at 7155 High Tech Drive #3 in Midvale, a suburb of Salt Lake City. A Northern California-based private investor sold the property for an undisclosed price in an off-market transaction. Constructed in 1974, Park Station Apartments features 94 two- bedroom/one-bath apartment units. Alpha Wave plans to invest $1.5 mil- lion in capital improvements at the property. Renovations will include the addition of a swimming pool, fitness center and leasing office. The com- pany will also address deferred main- tenance and renovate exteriors and interiors, including adding washers and dryers to each unit. Brock Zylstra and Danny Shin of Marcus & Millic- hap represented the buyer and seller in the deal. David Walkin of Meridian Capital Group arranged acquisition financing, provided by Texas-based ReadyCap, for the buyer. HFF ARRANGES $118.5 MILLION REFINANCING FOR MIXED-USE PROPERTY AURORA, COLO. — HFF has ar- ranged $118.5 million in financing for The Forum Fitzsimons, a mixed-use residential and retail property located in Aurora, a suburb of Denver. The borrower is a joint venture between Catalina Development Co., The Pollin Group and Sightway Capital. Chris McColpin and Josh Simon of HFF ar- ranged the five-year, floating-rate loan through a specialty finance company. Loan proceeds were used to replace the existing construction financing, which HFF arranged on behalf of the development team in 2015. Located at 13650 E. Colfax Ave., the four-story property features 397 apartments and 28,640 square feet of ground-floor re- tail space. Additionally, the property offers more than 15,000 square feet of amenities, including two resort-style pools and spas with outdoor fireplac- es and grills; clubrooms with a theater and game room; a fitness facility with specialized yoga and cycling rooms; an internet café and business center; a dog washing facility and two bark parks; a bike shop; storage facilities; and a six-story gated parking struc- ture. OAK COAST PROPERTIES, BMC INVESTMENTS BUY ST. MORTIZ APARTMENTS FOR $78 MILLION LAKEWOOD, COLO. — Oak Coast Properties and BMC Investments have acquired St. Mortiz Apartments, a multifamily property located adja- cent to the Colfax Retail Corridor in Lakewood, a suburb of Denver. The partnership acquired the property for $78 million. Built in 1986, St. Mortiz Apartments features 360 units, a dog park, pool and spa, gas fire pits, fit- ness center, basketball court, putting green and business center. The buyers plan to renovate the community, in- cluding the common areas and ame- nities. BLDG Management will man- age the property. Charles Halladay, Brock Yaffe and Rick Salinas of HFF's debt placement team assisted in se- curing a $55 million acquisition loan for the buyers through Freddie Mac's CME Program. Shane Ozment of ARA Newmark in Denver represented the buyers in the deal. FMF LITTLETON RECEIVES $63 MILLION REFINANCING FOR 385-UNIT APARTMENT COMMUNITY LITTLETON, COLO. — FMF Littleton has received $63 million in financing for HiLine at Littleton Commons, a multifamily property located within the Highlands Ranch/Lone Tree sub- market of Littleton, south of Denver. Josh Simon of HFF secured a five-year, 4.15 percent fixed-rate loan through a life company lender for the borrower. Loan proceeds were used to recapital- ize the property and refinance existing construction financing. The loan fea- tures a full-term interest-only period, with flexible prepayment and the abil- ity to advance future loan proceeds at a future date. Completed in 2016, the property features 385 units in a mix of one-, two- and three-bedroom units and 620 parking spaces, includ- ing attached and detached garages. Community amenities include an out- door pool, hot tub, tanning deck with cabanas, outdoor kitchen and grill- ing area, 24-hour fitness center, club- house, billiards table, business center and dog park with dog wash station. MICHAEL R. J. MCKENZIE • Family Office Service • Institutional Level Investment Banking Execution • Fannie Mae DUS and FHA HUD Agency Executions Market Rate | Affordable | Senior | Student Workforce | Healthcare | LIHTC • Former Wall Street Family Office Investment Banker and CFO at Affordable Housing Developer • Covering the United States from Boulder Colorado, representing individual investors, family offices, safe-harbor investors and developers of multifamily rental units Michael R. J. McKenzie Vice President Dougherty Mortgage LLC 4365 Caddo Parkway | Boulder, CO 80303 (303) 828-8502 Office | (212) 390-8157 Mobile (415) 295-6460 Mobile mmckenzie@doughertymarkets.com Mainstreet Partners is developing West End on Mainstreet in Parker. HiLine at Littleton Commons in Littleton features 385 units, a swimming pool, hot tub, outdoor kitchen and grilling area and a 24-hour fitness center.

Articles in this issue

Links on this page

Archives of this issue

view archives of Western Real Estate Business - SEP 2018