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