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3/31/26
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DivcoWest has obtained a $70 mil refi loan on 24Fifty at University Park, a Class A, 252 unit multifamily community in Denver. Located at 2450 S University Blvd, 24Fifty is a midrise community featuring a mix of studio, one and two bedroom units that was completed in 2019.
Each unit at 24Fifty at University Park has modern finishes, stainless steel appliances, quartz countertops and in unit washers and dryers. Community amenities include a rooftop pool and spa, indoor lap pool, outdoor terrace and grilling area, fitness center, resident lounge and structured parking, as well as fully leased ground floor retail.
The property has panoramic mountain views and is situated in the University Park neighborhood, one block from the University of Denver and within a 20-minute drive to Cherry Creek, downtown Denver, the Denver Tech Center and South Broadway.
Brad Zampa and Mike Walker on CBRE’s Debt & Structured Finance team in San Francisco, alongside CBRE’s Brady O’Donnell and Jill Haug in Colorado, secured the five year, floating rate loan from a national debt fund.
“We were not surprised to have a deep bid pool, as lenders continue to chase high-quality assets with best-in-class sponsors in specific markets that demonstrate strong fundamentals. DivcoWest has done an outstanding job stabilizing the asset and activating the ground-floor retail. This is a premier mixed-use property that is poised for future rent growth within the Cherry Creek submarket,” said Zampa, executive vice president.
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