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Mezzing Around


Also on the update front, here's mre on Behringer Harvard's plans for its apartment development in LoDo. The 296-unit Prospect Park project, at Huron and W 29th streets near Coors Field and Union Station, is being built by Edward Cos. But, as the institutional investor reported to the SEC this week, its Behringer Harvard Opportunity REIT II provided $13.7M mezz financing for the project. The loan, collateralized by the property, has an annual interest rate of 10% for the first three years, and two one-year extensions with a 14% interest rate. "The terms of the loan also enable the company to participate in 25% of the residual profits from the sale or refinancing of the property," Behringer Harvard officials state in docs.