HOUSTON–HFF announced today that it has arranged a $40.5 million participating mezzanine construction loan for the development of The Lodge at Denver West, a 252-unit multi-housing community within the Denver West Business Park in Lakewood, Colorado.
HFF worked on behalf of the borrower, a joint venture between The Greystone Group and The Stevinson Family, to arrange the $40.5 million, or 89 percent of cost, construction/permanent loan through American National Insurance Company. The seven-year loan has a fixed interest rate of 5.5 percent, interest only during the 24 month construction term, and lender profit participation on a sale or refinance of the loan.
The Lodge at Denver West will be the final multi-housing phase for the Denver West master-planned development. The 800-acre, mixed-use project includes approximately two million square feet of office space, nearly two million square feet of retail and 575 existing multi-housing units. Slated for completion in 2015, the Lodge at Denver West will feature a mixture of studio, one- and two-bedroom units. Community amenities will include a clubhouse with picnic area, business center, media room, fitness center, swimming pool and spa.
The HFF team representing the borrower was led by senior managing director Wally Reid from HFF’s Houston office and director Josh Simon from HFF’s Denver office.
Founded in 1978, The Greystone Group is a residential development, construction and management firm that has demonstrated a proven history of success in multiple markets throughout the western United States. The company is comprised of two main divisions. Greystone Multi-Family Builders (GMFB) is the general contractor for Greystone-developed communities and select third-party clients, and Greystone Asset Management (GAM) is a provider of comprehensive property management services.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.