CBRE Capital Markets Debt & Structured Finance arranged $42.5 million in financing for an Arvada multifamily community that broke ground in May.
Michael Cantwell and David Treadwell of CBRE Capital Markets, Debt & Structured Finance in Denver secured the construction-to-permanent loan on behalf of the developer, Colorado-based Confluence Cos., for the development of Timberline Farms.
The 10-year loan amortizes on a 30-year schedule and carries a sub-5 percent rate, which was locked a week before the U.S. presidential election. The lender is a confidential correspondent lender.
“We were pleased to be able to supply an array of HUD and life company long-term construction-to-permanent financing options for this project, streamlining the process for Confluence Cos.,” said Cantwell, an executive vice president with the firm. “In the end, we secured a loan that included a six-month forward that aligned well with Confluence Cos.’ timeline and contained an option to resize the loan upward in year four when the community is occupied and stabilized.”
Located at 11700 W. 58th Ave., the 314-unit garden-style community is slated to deliver its first building in the second quarter of 2018 with completion of the $65.5 million development by the second quarter of 2019.
In addition to 12 three-bedroom paired homes, Timberline Farms offers one- and two-bedroom apartments across 14 buildings, a 6,500-square-foot clubhouse with resort-style swimming pool with hot tub, a children’s pool, a multipurpose court in a barn, health club-quality fitness center, enclosed bike storage, pet groom room and access to a community trail system that runs through the property and along Van Bibber Creek. The 26.5-acre property also is adjacent to the 133-acre Lutz/ Stenger Sports Complex and is less than 2 miles from the new Ward Road light-rail station.
The apartment community also will include parking for 709 vehicles, including 277 garage spaces in standalone and tuck-under garages attached to the buildings. Additionally, 207 surface parking spaces are provided in the center of the block behind the apartment buildings to shield them from view and 225 street parking spaces are distributed throughout the site.
“Timberline Farms is designed with a comfortable, genuine neighborhood feel. The financing we were able to secure will help us see this project reach its full potential – becoming a place everyone from young families to empty nesters will love to call home,” said Tim Walsh, CEO of Confluence, which has completed 21 multifamily projects totaling more than 2,100 units in the Denver metro area since 2010, and has four additional projects in development or under construction.
Architecture firm Craine Architecture Inc. is working with Confluence on the design of Timberline Farms, which will feature an aesthetic that will combine traditional farmhouse designs with modern architectural elements, such as the two-story paired homes having individual front porches and front yards, and backyards that open to green space.
“We named the development Timberline Farms to pay tribute to this location’s agricultural past while painting the picture of today’s new urbanist residential community,” added Tony DeSimone, principal of Confluence. “It will be unique in the marketplace, offering many sustainable features to the community, including composting, community gardens and narrow streets that provide a traffic-calming effect while encouraging residents to head out on foot to the centrally located community clubhouse and green spaces.”