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3/16/12
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In a sizable Colorado multifamily financing deal, Mesa West Capital has provided The Bascom Group with $25.25 mil in first mortgage debt for the acquisition of Hyland Park Centre, a 492-unit apartment community near Denver.
Hyland Park Centre, located at 1800 W. 85th Ave in Federal Heights, CO, 20 minutes northeast of Downtown Denver, comprises 24 three-story apartment buildings, spread out over nearly 18 acres to create a garden style medium-density layout. Amenities include a large clubhouse, two heated swimming pools, laundry facilities and children's playgrounds. The unit mix consists of 59% two-bedroom/two-bathroom units and feature central HVAC, large patios/balconies and fireplaces.
Hyland Park Center has tremendous upside potential, especially given that The Bascom Group, one of the largest apartment owners in Denver, was able to purchase the high occupancy community for less than $60k per unit or $76 per rentable square-foot, according to Mesa West Principal Steve Fried who originated the financing. Apartment fundamentals in Colorado are strong and expected to continue as the economy in Denver and throughout Colorado improve. This coupled together with Bascom's business plan to upgrade unit interiors and common area amenities will increase rents and add value to the property.
Brian Eisendrath and Brandon Smith of CBRE arranged the financing.
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