Cortland has refinanced its 275-unit Cortland Alameda Station apartments at 415 S. Cherokee St. in Denver with $50.7M in debt from Bridge Investment Group. The refinance paid off a $64.3M loan, with Cortland contributing $15.4M in equity to close the deal.
The loan, part of a CMBS transaction, has a 2.75% spread over a 3.25% index rate, capped at 6%. It is interest-only for the full three-year term, with an initial maturity in July 2028 and an option to extend to 2030.
:no_upscale():quality(75))
Built in 2015, the property includes 1K SF of commercial space, 263 parking spaces and a mix of 155 studio, 65 one-bedroom and 55 two-bedroom units. Occupancy was 92% as of June, according to a report from Fitch Ratings.
Cortland’s $1.6M renovation plan is focused on exterior improvements, common areas, corridor upgrades and new carpet, with about $1M already spent.
SALES
Mark IV Capital bought two preleased industrial buildings totaling 204K SF from Silver Point Development for $43M. The buildings are part of Elevation 25 in Mead, the first phase of a planned 1M SF industrial project with 55 acres still to be developed. Colliers’ TJ Smith, Nick Rice and Brad Calbert represented the seller and partner Walker & Dunlop Investment Partners.
CONSTRUCTION AND DEVELOPMENT
VanWest Partners has opened ClearHome Self Storage – Colorado Blvd, a 92K SF, five-story facility at 2425 S. Colorado Blvd. in University Park. The property, which includes more than 1,100 units, was developed with Waner Construction and Galloway Architecture. Wintrust Financial provided construction financing.
PEOPLE
Cushing Terrell hired senior landscape architect Chris Muir for its Denver office. Muir brings nearly 20 years of experience in multifamily, mixed-use and civic projects, most recently as a senior associate at Norris Design. The addition makes landscape architecture a standalone service in Denver for the firm, which has landscape teams in Colorado, Montana and the Pacific Northwest.
THIS AND THAT
Little Man Ice Cream will open its 11th storefront Friday at 2810 E. Third Ave. in Cherry Creek. The location is part of Town Pump Provisions, which also includes Town Pump Bodega and Town Pump Eatery.
***
Golub & Co. and Formativ will open more than 4 acres of new riverfront parks, plazas and green space at Denargo Market in RiNo with a block party Sept. 4.
