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| Rendering of planned Lofts at Lincoln Station, Lone Tree, CO |
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| Josh Simon |
DENVER, CO – HFF announced it has arranged a $17.03 million
participating mortgage for the ground-up development of Lofts at Lincoln
Station, a Class A, 101-unit, luxury transit-oriented multi-housing project
in Lone Tree, Colorado.
HFF
worked exclusively on behalf of Griffis Blessing and Niebur Development to
secure the seven-year, interest-only, fixed-rate loan through Principal Real
Estate Investors.
The
Lofts at Lincoln Station will be situated on a 1.5-acre site at 9365 Station
Street adjacent to the Lincoln Station light rail stop and across the street
from Kaiser Permanente’s brand new specialty medical campus.
The property has access to abundant shopping, dining and entertainment
options and is also close to Interstate 25, which is the main north/south
thoroughfare through Denver and the Front Range.
Due for completion in 2015, the property will feature junior
one-, one- and two-bedroom units averaging 787 square feet each.
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| Pat Burger |
Property amenities
will include a 131-space parking garage, business center, fitness center,
spectacular water feature and outdoor kitchen with a built-in BBQ area, and a
courtyard with a fire pit.
The
HFF team representing the borrower was led by director Josh Simon,
director Pat Burger and real estate analyst Leon McBroom.
“This
is one of the very few true transit-oriented developments in the Denver metro
area given its location steps from the Lincoln Station light rail platform,”
said Simon. “As such, interest level
was extremely high on both the debt and equity sides and we were able to find
the developer the best of both worlds with this 89 percent of cost
participating loan.”
“Griffis Blessing and Niebur Development are entering a market with very
strong metrics that support the project,” said McBroom.
“The Lone Tree market just welcomed a new Kaiser campus, Sky
Ridge Medical Center is adding beds, and the market will soon be home to a new
Charles Schwab campus.
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| Leon McBroom |
“This market activity along with the continued economic
growth of the Lone Tree market will continue to add to the renter demand that
Griffis Blessing and Niebur Development are well positioned to capitalize
on.”
Griffis/Blessing, Inc. is a real estate services firm representing
individual, corporate and institutional owners of real estate throughout the
United States. The firm offers clients comprehensive real estate asset
management services, with a primary focus on property management and investment
services. Headquartered in Colorado
Springs, Colorado, with an additional office in Denver, Griffis/Blessing has
over 4,000,000 square feet of office, retail, and industrial space and more
than 6,900 apartment units under management.
20 years ago, Joe Niebur, principal of the nationally
recognized golf course construction firm Niebur Golf Inc., established Niebur
Development, Inc. to focus on the development of commercial, residential and
multi-family markets across the United States.
Niebur Development has developed or is currently developing 380
multi-family units and has another 365 units in the development pipeline.
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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