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Page 22 - January 3-16, 2018
will become a hub for home-
less services for the next two
years and then be redeveloped
for approximately 50 units of
affordable housing for people
earning 60 percent or less of
area median income.
“We had a variety of offers
and opportunities for the site,
but we wanted to find a way to
help support Boulder’s home-
lessness and make a contri-
bution to the community in
some way, even if short term…
and Don Altman was the right
buyer considering his desire
to provide future affordable
housing,” said Robert “Jake”
Jacobsen, CEO and founder of
Sagebrush Cos.
Boulder nonprofit Bridge
House will operate its Path to
Home program on the prop-
erty for the next two years.
The program provides on-site
services including case man-
agement and meals, and offers
a safe place to be out of the
elements.▲
Other News
italization rate was 7 percent.
The seller, which exchanged
into an office building in
Golden, formerly owned RV
America, a business that he
sold to Lazydays. The Long-
mont RV center was the sec-
ond property leased to Lazy-
days that he has disposed
of and the smallest. In Sep-
tember, MacDougall handled
the $4.29 million sale of the
11.13-acre Lazydays property
at 3610-3640 Chambers Road
in Aurora.
MacDougall also is part of a
Unique Properties team that
has the Lazydays property
at 4777 Marketplace Drive in
Johnstown listed for sale at
$13.58 million. That proper-
ty, which like the Longmont
facility sits alongside I-25,
consists of a 129,300-sf sales
and service center on 27.97
acres.▲
Longmont
The Lazydays RV facility has frontage on Interstate 25.
have viable needs and interests
on both sides of the Rocky Moun-
tains, and opening an office in Salt
Lake City will help Legend Part-
ners address the real estate needs
of all of our current and future cli-
ents,” saidDavid Larson, a found-
ing partner of Legend Partners.
“It provides our firm with the
opportunity to grow our presence
throughout the Rocky Mountain
region and beyond.”
“Denver and Salt Lake City
provide like market conditions,
with stable economies, strong
employment, solid income lev-
els and favorable lifestyles that
attract investors and tenants. The
similarities of the two cities, and
their close proximity on either
side of the Rockies, made perfect
sense to Legend Partners’ expan-
sion plans. It’s the perfect strategic
alignment for everyone involved,
and most importantly, our cli-
ents,” said Hatch.▲
Business News
and 1000 W. Horsetooth Road
were in need of repair inside and
out; in some cases balconies had
to be locked off for safety rea-
sons, said Iwanski. HousingCata-
lyst purposely left units vacant
as residents moved out so that
it could relocate residents from
each building within the com-
munity as renovations take place.
“That involves moving every-
body out of the building to tem-
porary housing and then moving
them all back in. It’s a very big
process since there’s a total of 285
apartments through these three
communities,” Iwanski said.
The project is just gettingunder-
way, but a couple of buildings
have been completed. “We’ve
already had familiesmoving back
into rehabilitated properties, and
they said they’re the most beau-
tiful place they’ve ever lived,”
Iwanski commented.
Scheduled to be completed
in December 2018, the project
includes new siding, windows,
doors and balconies, as well as
plumbing work and the addi-
tion of central air conditioning.
Units will receive new appli-
ances, countertops, cabinetry,
fixtures, flooring and bathroom
tile. Washers and dryers also are
being added.
The community clubhouse and
pool have been closed for many
years and also are being reno-
vated. There will be barbecue and
picnic areas as well as a dog park.
“We’re really excited to bring all
of those communities together in
a nice common space,” Iwanski
said, noting the goal is to have
that part of the renovation com-
pleted by Memorial Day.
Palace Construction is the
contractor for the rehabilitation.
Alm2s is the architect.
“All of the residents are just so
excited about this. They’ve been
waiting for this to be done, so
we have really great community
spirit. It seems to have rejuvenat-
ed the energy at the properties,
which is really nice.”
In discussing Hunt Mortgage
Group’s role in the project, Hunt
Mortgage Director Tim Hoppin
said, “There is a high demand
for housing in the Fort Collins
area and the deal sponsor is an
experienced sponsor of affordable
housing. We were pleased to play
a role in this deal to help preserve
much needed quality affordable
housing in the local community.
This is a great example of how 4
percent low-income housing tax
credits and private activity bonds
are utilized to ensure long-term
affordability for residents in need
of stable housing.”▲
Fort Collins
A newly renovated building
nonrecourse debt placement
was structured with a 35-year
fully amortizing loan term and a
fixed interest rate of 3.49 percent
through the U.S. Department of
Housing andUrbanDevelopment
223(f) permanent loan program.
“This is the largest single perma-
nent HUD-insured loan closed in
Colorado in the past 12 months,”
said Phillip Gause, vice president
capital markets in MMCC’s Den-
ver office, who arranged the loan.
“TheColoradomultifamilymar-
ket’s strong and steady upward
trajectory has boosted the buy-
ing power of private investors to
the point where they can compete
with institutional capital for insti-
tutional-quality assets,” he added.
“In this transaction, we worked
closely with one of our exclu-
sive correspondent capital part-
ners, PGIM Real Estate Finance,
to deliver exceptional terms and
put our client in position to close
weeks ahead of schedule. The
property also qualified for HUD’s
Green MIP Reduction program,
which improves the borrower’s
cash flow substantially.”
“This transaction highlights our
ability to utilize HUD 223(f) for
acquisition financing. There were
many moving parts and tight
timelines, but we exceeded expec-
tations through our focused and
experienced underwriting and
processing teams,” added Patrick
Kempton, principal and transac-
tion lead for PGIM Real Estate
Finance. “As a newly constructed
apartment complex in a desirable
location between Denver and Col-
orado Springs, Vistas at Jackson
Creek makes a great addition to
our portfolio.”
Other News
■ Aprivate investor out of Den-
ver paid $2.9 million for the Town
and Country shopping center in
Colorado Springs.
The 23,960-square-foot center at
430-498 N. Murray Blvd., just east
of North Academy Boulevard at
the intersection of Platte Avenue
and Murray, which sees average
traffic volume in excess of 45,650
vehicles per day, was sold by a
private investor from Salida.
“Town and Country provided a
strategic investment opportunity
as it offered both stable cash flow
fromexistingnational brand-name
retail tenants as well as the oppor-
tunity to add value by leasing up
the remaining vacant space,” said
Parker Brown, an associate with
CBRE Capital Markets, Nation-
al Retail Partners, in Denver.
“While a local investor purchased
this property, it’s indicative of a
national trend. We are seeing capi-
tal sources from across the coun-
try turning to secondary markets
like Colorado Springs to discover
untapped retail investment oppor-
tunities with promising returns.”
Brown, along with Matthew
Henrichs and Brad Lyons ofCBRE
Capital Markets, National Retail
Partners, represented the seller.
Whitney Johnson of CBRE Retail
Services in Colorado Springs
concurrently listed the property
for lease and served as a leasing
expert for the sales team.
Town and Country was 85 per-
cent leased at the time of sale.
Built in 1986, Town andCountry
includestwosingle-story,multiten-
ant buildings plus a 2,560-sf pad
site occupied by 7-Eleven on 2.41
acres. The tenant roster includes a
mix of restaurants, local businesses
and national brands like Jackson-
Hewitt, MetroPCS and EZ Pawn.
■ Aformer 12,799-sf bank prop-
erty on a 1.06-acre site in Colorado
Springs sold to CVS 11001 CO
LLC for $2.4 million.
The property at 3485 N. Acad-
emy Blvd., at the corner of Care-
free Circle andAcademy, was pur-
chased for a planned CVS Phar-
macyat thesite.Additionally, a0.5-
acre parcel of land was acquired
from the unrelated owner of the
retail center behind the property
for the planned development.
CVS plans to scrape the build-
ing, originally the main office in
Colorado Springs for First Federal
Savings & Loan. It was built in
1975.
J. Thomas Stoen sold the prop-
erty. It was listed by Bob Leino
and Brian Baker of Fuller Real
Estate.
NAI Highland’s Craig Ander-
son also worked on the transac-
tion. ▲
Vistas