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5/09/23
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Promenade Place, a 387-unit, mid-rise multifamily property in Greenwood Village, CO, has landed new financing of $65 mil. The asset, situated in the heart of the thriving Denver Tech Center (“DTC”), is owned by a domestic pension fund in a joint venture with the original developer, Finger Companies, which developed the asset in 2002.
Completed in 2002, Promenade Place is located at 5200 S Ulster St and consists of three multifamily buildings ranging from five to eight stories on 6.6 acres. The property’s 387 market rate multifamily units are comprised of one-, two-, and three-bedroom formats with an average unit size of 1.1k sf, providing expansive floor plans. Community amenities include a resort-style swimming pool, spa, fitness center, clubhouse, business center, outdoor courtyards, and barbecue areas.
Promenade Place enjoys immediate access to landmark restaurants, shopping, and nightlife and is located within walking distance to corporate offices of major Fortune 500 companies and multi-national employers. Promenade Place also offers easy access to local transit hubs, light rail stations and major highways, providing easy access to Denver International Airport and downtown Denver.
The financing was secured by Barings, a diversified real estate investment manager that acts as an advisor to the ownership. A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Max Schafer, Becca Tse, and Craig Branton represented the borrower in the refinancing transaction. The loan was provided by a major U.S. life insurance company.
“Promenade Place is a great example of what lenders want today—a quality multifamily asset in a good market, with solid underwriting metrics, for top tier sponsorship,” said Share. “We had a deep field of lenders at competitive pricing and proceeds that allowed the borrower to return a significant amount of equity after paying off the existing debt. To have as much depth as we did in today’s market conditions is a testament to the quality of the asset and sponsorship.”
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