CREJ

Page 28 - January 6-19, 2021 www.crej.com Finance by Jenna Walters Dwight Capital provided a $51.39 million refinance loan for 5151 Downtown Littleton, a lux- ury apartment complex in Little- ton. The lender provided Greeley- based borrower Richmark a 35-year Department of Housing and Urban Development 223(a) (7) loan. Dwight Capital Man- aging Director Brandon Baksh originated the transaction. The multifamily property qualifies as green/energy-efficient housing and therefore received a green mortgage insurance premium reduction set at 25 basis points. The loan will be used to refi- nance 5151 Downtown Little- ton, a 350-unit luxury apartment community located at 5151 S. Rio Grande St. The 13-acre property comprises nine three-story resi- dential buildings, five parking garages and a clubhouse. It also offers residents amenities, includ- ing a fitness center, swimming pool, electric fireplaces and pri- vate patios. According to CoStar, the Class A multifamily property was constructed in 2008 by Crow Holdings Industrial. Other News n PlattPointe Capital placed a $3.8 million horizontal develop- ment loan for a mix of retail and multifamily development pad sites in Colorado Springs. Originally, the loan was under application with a bank that was unable to fund it in time. PlattPointe Capital had a direct relationship with a well-capital- ized private debt fund and ulti- mately closed the loan in under three weeks. The loan has an 18-month term and a 60% loan- to-value ratio. The borrower was undisclosed. The loan will be used for the horizontal construction of a 36.58- acre site at the southeast corner of Woodmen and Marksheffel roads. The property has been marketed for mixed-use develop- ment, including apartments and strip retail pad sites. s Dwight Capital places $51M loan for Littleton apartments by Jenna Walters JLL arranged a $105.3 million construction loan for a luxury multifamily property in down- town Denver. Senior Managing Directors Eric Tupler and Christopher Peck, along with Managing Director Josh Simon, all of JLL, worked on behalf of the borrower, The X Co., to secure the construction financing through CIM Group. No other terms of the loan were disclosed. The borrower plans to use the loan to develop X Denver2, or XD2, a 22-story residential high- rise at the corner of 21st and Arapahoe streets. The property will offer private apartments and fully furnished, multi bedroom co-living suites. It also will fea- ture over 15,700 square feet of collaborative work space, a three- story, members-only club featur- ing a resort-style pool and deck, a full-service fitness center with daily classes and an entertain- ment lounge with a bar. “We are excited to continue to grow the X brand and want to thank our partners CIM and JLL for all the work it took to get this done in a very challenging year,” said Noah Gottlieb, CEO of The X Co. “For our members, XD2 is a workspace, gym, neighborhood bar and social network under one roof. As our third project here in the past two years, XD2 will expand the X offering to our exist- ing members and hopefully wel- come a bunch of new ones.” Located in the heart of down- town Denver, Tupler foresees XD2 being a desirable apartment complex for incoming city resi- dents. “XD2 will be a welcomed addi- tion to the downtown Denver skyline and provide best-in-class housing for the continued influx of Denver residents primar- ily from coastal markets,” Tupler said. “We look forward to the delivery of XD2 and foresee the property anchoring theArapahoe Square neighborhood.” In addition to securing financ- ing for XD2, JLL also arranged an $8.8 million loan for the purchase of Commerce Square, a 144,464-sf light industrial building in Auro- ra. JLL Capital Markets’ Senior Directors Leon McBroom and Brock Yaffe worked on behalf of the buyer, San Francisco-based Graham Street Realty, to secure the seven-year, fixed-rate loan. Nationwide provided the fund- ing. s JLL secures $105M construction loan for luxury property Dwight Capital financed aDepartment of Housing andUrbanDevelopment loan for 5151 Downtown Littleton. XD2 will be located just blocks from The X Co.’s other downtown multifamily asset, X Denver.