CBRE Capital Markets’ Debt & Structured Finance team arranged an $83.2 million loan for a newly built multifamily development in Arvada.
Bill Chiles, Scott Peterson, Morgan Fraser and Brian Cruz of CBRE’s San Diego office secured the Freddie Mac debt on behalf of ReyLenn Properties LLC to replace the existing construction loan for Solana Olde Town Station.
The 352-unit community at 6875 W. 56th St. is adjacent to the city’s historic Olde Town district, which includes a light-rail station, restaurants and retail.
“This property sits in an ideal location due to its connectivity, offerings and abundant nearby retail amenities,” said Chiles. “Not surprisingly, we received a lot of interest from a variety of lenders, including life companies and agencies. Ultimately, Freddie Mac won the business with the most competitive terms, given that the property was still completing stabilization from lease-up.”
The LEED Silver project features a mix of one-, two- and three-bedroom units ranging in size from 660 square feet to 1,345 sf and boasts high-end amenities such as a 12,000-sf clubhouse with a golf simulator, basketball court, fitness facility and an outdoor kitchen with a commercial pizza oven. As of October, the property was 90 percent leased with a trend to full occupancy by the end of the year.
“Rents and fundamentals in suburban Denver continue to remain outstanding,” said Peterson. “Newly developed assets like Solana Olde Town Station are exceptional long-term investments. The decision for ReyLenn to hold the property illustrates just this point.”
