Press Release

CBRE Arranges $24.5M Construction Loan for 150-Unit Multifamily Development in Denver

23 7月 2018

CBRE has arranged a $24.5 million construction loan for the Brick Stone Apartments On 56th Ave, a 150-unit apartment community owned by a joint venture between a Boulder, Colorado developer, SEEC Enterprises, and a national private equity group. The multifamily development project is expected to break ground August 2018, and it will be located south of East 56th Avenue between Pena Boulevard and Tower Road in the Denver International Airport corridor.

Led by CBRE’s Zac Brumbaugh of the Debt & Structured Finance practice based in Orlando, a 75% loan-to-cost construction loan was placed with a regional bank for the property’s construction. The low floating interest rate loan featured three years of interest only, with term extension options.

The project is expected to take 18 months to complete and will feature amenities such as a clubhouse with wood-paneled and vaulted ceilings, a resort style pool with outdoor TVs, a mail/package center, and dog washing area. Additionally, over 26% of the site will be landscaped open space that will include direct access to Denver’s First Creek Trail system.

“This was a very competitive construction loan, which has not been easy to come by over the last few years in the bank construction lending environment,” commented Zac Brumbaugh, Vice President at CBRE. “We believe our presentation of the submarket’s strong growth, one of the best in Denver, and the property’s competitive qualities really let lenders understand that a project like this warranted very strong loan terms.”

SEEC Enterprises has previously built multiple successful projects in Salt Lake City, Utah and is currently developing a 116-unit apartment project in Fort Collins, Colorado. This is the company’s first development in Denver.

CBRE’s Orlando-based Debt & Structured Finance team comprised of Zac, Jim, and Aaron Brumbaugh represents multiple life insurance company lenders as their correspondent. Collectively, Team Brumbaugh has financed more than $9 billion of commercial real estate through a variety of capital sources for all product types, including multifamily, industrial, office, retail, and hospitality.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.