CREJ - Journal

36 / 76

Page 36 — COLORADO REAL ESTATE JOURNAL — March 4-March 17, 2015
Keely Downs was named a
partner at Denver law firm Moye
White LLP.
Downs’ practice focuses pri-
marily on commercial real estate
transactions
and general
corporate mat-
ters. She repre-
sents lenders
and borrow-
ers with the
acquisition
and financing
of multifam-
ily properties
as well as
represents both lenders and bor-
rowers with the U.S. Department
of Housing and Urban Develop-
ment financing of multifamily
properties, including affordable
housing and senior housing
projects. Downs also represents
landlords with commercial lease
negotiations.
She also has done pro bono
work for theAnimal Legal
Defense Fund.s
Janine Halverson joined Wells
Fargo’s Multifamily Capital
group as a director responsible
for originating multifamily loans,
specializing in Federal Housing
Administration loans.
Based in Boulder, she serves
the banking and financial services
institution’s customers across the
country.
Halverson joined the group
with 16 years
of experience
in multifamily
housing.
Prior to
joiningWells
Fargo, she
served as an
approved
MAP deputy
chief under-
writer with
AmeriSphere Mortgage Finance.
While there, she facilitated
affordable andmarket-rate FHA
insured transactions. Halverson
also spent nearly 10 years work-
ing for the U.S. Department of
Housing and Urban Develop-
ment in the Denver Multifamily
Hub. The last position she held
was operations director respon-
sible for all FHAmultifamily and
202/811 production. She also has
extensive asset management and
subsidized housing experience
fromworking at the Colorado
Housing and FinanceAuthority.
Halverson has a degree in polit-
ical science fromColorado State
University and a Master of Public
Administration from the Univer-
sity of Colorado Denver.s
Bill Mosher, senior managing
director of Trammell CrowCo.’s
Denver Business Unit, is a 2014
inductee into Colorado State
University’s Everitt Real Estate
Center Hall of Fame.
The award is presented to
established
real estate
executives and
visionaries
who dem-
onstrated a
“significant”
impact in their
field.
Mosher
oversees
TCC’s devel-
opment and investment activities
throughout Colorado, including
ClassAoffice, industrial, residen-
tial, retail and health care projects.
He also serves as the CEO of the
Denver Convention Center Hotel
Authority, is the board chair of the
DowntownDenver Partnership’s
Denver Civic Ventures, past chair
of ULI Colorado and amember of
the Colorado Forum.s
Michael A. Smith, MAI, of
general real estate appraisal and
consulting firmFoster Valuation
Co. was awarded theAppraisal
Institute’s MAI membership des-
ignation.
Smith earned his undergraduate
degree at Colorado State Univer-
sity with a concentration in com-
mercial real estate and finance.s
Chris Bourgeois, loan origina-
tor with Terrix Financial Corp.,
is now a stockholder of the com-
pany.
Bourgeois joined the com-
mercial mortgage banking firm
in 2006 and
has extensive
experience
with origi-
nating and
underwriting
commercial
real estate
loans.
He gradu-
ated from
Colorado
State University with a bachelor’s
degree with a real estate and
finance concentration.s
Carolyn White of Brownstein
Hyatt Farber Schreck joined the
newly formedColorado State
University Real Estate Council.
White, a shareholder in the law
firm’s Denver office and co-chair
of the Real Estate Department,
joins a council of other highly
experiencedmembers of the Colo-
rado real estate community. The
CSUReal Estate Council will sup-
port the research and programs at
Everitt Real Estate Center at CSU’s
College of Business. Eric Holsap-
ple, former executive director of
the Everitt Real Estate Center, will
lead the council.
Housed in the College of Busi-
ness’s Finance and Real Estate
Department, the Everitt Real
Estate Center is supported largely
throughmembership fees, event
profits and donations. The center
hosts educational events and
publishes researchmaterial that
addresses the current and future
real estate-related needs of North-
ern Colorado, the Colorado Front
Range and the western United
States.s
Josh Berry and Casey Kannen-
berg, two attorneys in full-service
law firmFennemore Craig’s
Denver office, have been inducted
as Fellows to the Colorado Bar
Foundation.
Berry focuses his practice in
business development for entre-
preneurial and start-up compa-
nies, government affairs and rela-
tions, andmedical and hospital
malpractice defense. He currently
serves on the board of governors
for the Colorado BarAssociation
and is an executive boardmember
of the Young Lawyers Division.
Berry earned his Juris Doctor from
the University of Kansas School
of Law and his bachelor’s degree
fromKnox College.
Kannenberg's practice includes
business and civil litigation, health
care litigation, medical negligence
defense, and sports and enter-
tainment law. He serves on the
executive council for the Colorado
BarAssociation's Young Lawyers
Division and as co-director for the
committees and liaisons section
of theAmerican BarAssociation.
Kannenberg earned his Juris Doc-
tor from the University of Iowa
College of Law and his Bach-
elor of Arts fromNorthwestern
University.s
Keely Downs
Janine Halverson Bill Mosher Chris Bourgeois
The buyer plans to lease and
operate Cottonwood Square on
his own behalf.
FirstBankprovided financing for
the acquisition.
Other News
n BombBomb leased 15,098
square feet of office space at the
Palmer Center.
The Colorado Springs-based
tech company leased the space at
the building at 90 S. Cascade Ave.
in Colorado Springs from Palmer
Center Ltd.
Mike Helwege of Colorado
Springs Commercial, a Cushman
&Wakefield Alliance represented
the tenant. Greg Phaneuf, also of
COSC, represented the landlord.
n ASM Investment of the
Springs LLC paid $636,000 for
11,973 sf of retail space at 965 Sum-
mer Games Drive in Colorado
Springs.
Nevada Ventures LLC, rep-
resented by Andrew Oyler of
Quantum Commercial Group
Inc., sold the space. Frank Tuck
of NAI Highland LLC represented
the buyer.
n Commonwealth recently
released its year-end Apartment
Sales Report for the Colorado
Springs market.
The report includes sales of com-
plexes above 30 units.
Several records were broken in
the Springs apartment market in
2014, as investorswere findingbet-
ter deals in Colorado Springs than
Denver and many feared another
over-building cycle was in the
works for Denver, according to
the report.
The report noted that sales vol-
ume was almost double any pre-
vious year at just over $475 mil-
lion. Sales volume in 2013 was
$166.69 million, $177.84 million in
2012 and $125.56 million in 2011.
There were 5,639 total units closed
through the fourth quarter of 2014
comparedwith 2,425 units in 2013.
Additionally, therewere 35 sales in
the market in 2014 compared with
20 sales in 2013.
The Class A market, the report
noted, led sales volume of all class-
es for the first time in many years
and was second in the number
of units sold. There were six sales
totaling 1,656 units with a total
sales volume of $224.8 million in
2014withanaveragepriceper unit
of $136,574 and an average price
per sf of $130.
The Class B market also saw
the closing of six sales with a total
sales volume of $102.4 million, an
average price per unit of $95,522
and an average sf price of $101. A
total of 1,072 units closed during
the year, according to Common-
wealth.
The Class Cmarket had six sales
totaling 1,228 units with a sales
volume of $80.6 million. The aver-
age price per unit was $65,635 and
$88 per sf.
The Class D market, as defined
by Commonwealth as complexes
generally more than 30 years old,
in poor condition, have no or lim-
ited amenities, poor locations and
poor curb appeal, had a record 17
sales. The sales volume was $67.23
million for 1,693 units. The aver-
age price per unit was $39,709 and
average price per sf was $51.s
fitness centers, it can help to
measure actual equipment
and spacing from existing
properties to make sure the
furniture plan is accurate
or reasonable (safely spaced
and not too cluttered).
Understanding storage
needs is also important. A
multipurpose room with an
adequate storage closet for
folding tables and chairs can
save a lot of labor and may
get more use than if the
nearest closet is in another
building. Generously esti-
mate where phones, confer-
ence phones, computers, and
point of sale terminals may
be placed and build in excess
data jacks to increase the
flexible use of rooms.
Also, think through how
events may impact spaces.
We recently had to eliminate
an apartment to expand the
size of a lobby (fortunately
just before starting con-
struction). The lobby was
originally designed based on
the size of the building and
the number of apartments.
However, the building has a
230-seat auditorium on the
lower level. We realized that
the lobby would serve as a
waiting area after big events
for residents who choose
to ride the campus shuttle
rather than walk back to
their building.
We are fortunate that in
this industry, most opera-
tors are very open to shar-
ing information. So if the
operator doesn’t have a lot
of experience using similar
buildings, take the time
to tour several other com-
munities and ask lots of
questions on what works
well and what they would do
differently.”s
Senior
projects that receive 4 percent
Low Income Housing Tax Cred-
its through CHFA. In recent years,
many affordable developments
have been unable to utilize 4 per-
cent credits due to the lack of soft
funds and gap financing, which
are necessary to make the projects
financially viable.
“Low Income Housing Tax
Credits are a critical resource that
helps communities meet their
complex affordable housing needs.
To date, they’ve helped support
the creation and preservation of
affordable housing for families,
seniors, veterans and the homeless.
The availability of the new Den-
ver Affordable Housing Revolv-
ing Loan Fund is vital to ensur-
ing strong communities as it helps
bring together all of the necessary
resources to complete these proj-
ects,” said Cris White, executive
director and CEOof CHFA.
The Bridging the Gap forum is
an outcome of Housing Denver,
the city’s new five-year plan to
harness public- and private-sector
resources to deliver accessible
housing opportunities for people
of all income levels.
Updates…
n Mayor Michael B. Hancock
and theDenver Office of Economic
Development recently released
JumpStart 2015, the city’s annual
strategic economic plan.
The report noted that Denver’s
economy has added 36,000 new
jobs and 2,200 new businesses
since 2011. JumpStart 2015 sets out
a roadmap for the year ahead to
continue to strengthen Denver’s
economy.
Mayor Hancock also announced
critical economic growth that
resulted from JumpStart 2014.
Denver created 3,311 jobs, retained
4,083 jobs and accrued $139million
in capital investments by Denver
firms.
To capitalize on that momentum,
JumpStart 2015 identifies major,
proactive steps OED will take this
year to bolster business develop-
ment, innovation, entrepreneur-
ship, neighborhood investment
and a workforce built for the 21st
century. The plan also includes
a two-year action plan outlining
immediate objectives and tasks
supporting the city’sHousingDen-
ver long-term affordable housing
strategy.
“Taking a deliberate, proactive
and intentional approach to our
development strategy has deliv-
ered strong dividends for the city,
its businesses, neighborhoods and
residents,” said OED executive
director Paul Washington. “We
look forward to continued success
and working with our many com-
munity partners to further shape
our great city.”
As in previous years, JumpStart
2015 hones in on seven strategic
pillars of economic development:
business retention, small business
advocacy, business recruitment,
housing, strategic lending, neigh-
borhood development and work-
force development.
The full report is available at
.s