Newmark Knight Frank arranged an $81 million loan for part of BMC Investments’ St. Paul Collection in Cherry Creek North.
The fixed-rate loan refinances 255 St. Paul, one of two buildings that comprise the St. Paul Collection. The 255 St. Paul building at 255 St. Paul St. in Denver is a newly developed luxury residential building with 84 units and 40,320 net rentable square feet of retail space.
The property opened in December and has leased up rapidly. The retail space is leased to a mix of national and local tenants, including SoulCycle, Chase, Sweetgreen and Le Bilboquet. The property also contains 220 parking stalls with 100 dedicated to the retail (4.48 per 1,000 sf) and 120 for the apartments (1.42 per unit).
The Newmark Knight Frank team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of Debt & Structured Finance, along with Nick Scribani and Chris Kramer. The 10-year loan is interest only for the full term and carries a fixed rate of 3.92%. The loan was provided by Athene, a subsidiary of Apollo Global Management.
“The property is part of the St. Paul Collection of high-end apartments built by BMC and unlike anything else in Denver. It is the city’s premier rental property given the unit finishes, sizes, layouts, services, common area amenity package and location,” said Stolly.
“BMC has created immense value in Cherry Creek through their developments and 255 St. Paul adds to an already superior track record,” said Roeschlaub.
BMC Investments is an experienced real estate investment company specializing in the development, acquisition and redevelopment of properties across various asset types throughout the United States. BMC’s portfolio of investments includes more than 8,000 multifamily units, 200,000 sf of commercial space and 350 hotel keys. In particular, the company has developed some of Denver’s highest-profile and best-known assets, including Steele Creek, the Moxy Hotel and the Halcyon Hotel.