Mixed-Use Condo Development Refinances - Denver, CO
$2,950,000 mezz loan and $2,073,050 senior loan arranged by PlattPointe Capital.
DENVER, CO - PlattPointe Capital recently arranged multiple forms of financing for a five-story mixed-use development named Espadin Lohi with 46 residential condominium units, a 2,700 square foot restaurant space and a parking garage in the Lower Highlands neighborhood of Denver, CO. First, PlattPointe Capital arranged a $2,950,000 mezzanine loan from a private debt fund to refinance a subordinate lender out of the development capital stack prior to delivery of the project. Subsequently, once the development received certificate of occupancy, PlattPointe Capital arranged a $2,073,050 senior loan from a regional bank for the acquisition of 5 units by the sponsorship team from the development entity. These loan requests presented some inherent credit challenges given the timing with the pandemic, but PlattPointe successfully identified quality lenders whose credit committees understood the location and asset that was being delivered. To date, the mezzanine loan has been paid off in full and only two units remain unsold. If you have any purchase interest, feel free to reach out to Matt Biegner who can direct you to more information.
About PlattPointe Capital:
PlattPointe Capital LLC is a boutique commercial real estate capital advisory firm that helps developers and investors navigate the ever-changing capital markets by arranging numerous debt and equity options for a client’s project. Our vision is to engineer the most efficient capital stack based on the constraints of a given project and sponsor’s needs.
More information can be found at www.plattpointe.com.
TRANSACTION BY THE NUMBERS
Units For Sale
Mezz Loan Amount
Senior Loan Amount