Sunday, May 4, 2014

HFF arranges $17.03 million participating mortgage for transit-oriented multi-housing development in suburban Denver, CO


Rendering of planned Lofts at Lincoln Station, Lone Tree, CO

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.

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. 

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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