Monday, August 19, 2013

HFF arranges $40.5 million participating mezzanine construction loan for development of multi-housing community in western Denver, CO

  
Rendering of  The Lodge at Denver West within Denver West Business Park, Lakewood, CO

Wally Reid
HOUSTON, TX – HFF announced today that it has arranged a $40.5 million participating mezzanine construction loan for the development of The Lodge at Denver West, a 252-unit multi-housing community within the Denver West Business Park in Lakewood, Colorado. 

               HFF worked on behalf of the borrower, a joint venture between The Greystone Group and The Stevinson Family, to arrange the $40.5 million, or 89 percent of cost, construction/permanent loan through American National Insurance Company. 

Josh Simon
The seven-year loan has a fixed interest rate of 5.5 percent, interest only during the 24 month construction term, and lender profit participation on a sale or refinance of the loan.

The Lodge at Denver West will be the final multi-housing phase for the Denver West master-planned development.  The 800-acre, mixed-use project includes approximately two million square feet of office space, nearly two million square feet of retail and 575 existing multi-housing units. 

Slated for completion in 2015, the Lodge at Denver West will feature a mixture of studio, one- and two-bedroom units.  Community amenities will include a clubhouse with picnic area, business center, media room, fitness center, swimming pool and spa.

 
Denver West Business Park (22 buildings), Lakewood, CO
The HFF team representing the borrower was led by senior managing director Wally Reid from HFF’s Houston office and director Josh Simon from HFF’s Denver office.

Founded in 1978, The Greystone Group is a residential development, construction and management firm that has demonstrated a proven history of success in multiple markets throughout the western United States. 

The company is comprised of two main divisions.  Greystone Multi-Family Builders (GMFB) is the general contractor for Greystone-developed communities and select third-party clients, and Greystone Asset Management (GAM) is a provider of comprehensive property management services.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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