DENVER, CO – October 8, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $50 million in financing for 210 St Paul, the first phase of The St Paul Collection (www.stpaulcollection.com), an iconic mid-rise, mixed-use residential and retail property in Denver’s Cherry Creek North neighborhood.
The HFF team worked on behalf of BMC Investments to secure the 11-year, non-recourse, full-term, interest-only fixed-rate loan through Freddie Mac’s Lease-Up Loan Program. The loan will replace existing construction financing and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
The St Paul Collection is a two-phase development located at the intersection of St Paul Street and 2nd Avenue amid more than 2.5 million square feet of retail within walking distance to the property. The property’s central location also gives nearby access to major employers in Cherry Creek and Denver’s CBD. Completed in June, 210 St. Paul comprises 81 luxury residences in a mix of one-, two- and three-bedroom floorplans as well as penthouses ranging in size from 770 to 2,800 square feet. The property also includes 11,000 square feet of retail leased to CB2, Crate & Barrel’s fresh approach to furnishings & décor. The second phase, which is not part of this financing, will add an additional 84 residential units and 44,000 square feet of retail space.
Designed by 4240 Architecture, St Paul Collection incorporates luxury condo-quality finishes and modern, open layouts featuring oversized living spaces, gourmet kitchens with Bosch and Thermador appliances, full bathroom suites with heated floors, built-in closet systems, in-home automation, custom hardwood flooring, 10-foot ceilings and private balconies with city and mountain views. Community amenities include landscaped outdoor spaces and entertaining decks with gas grills; a sun terrace with panoramic views; resort-style health and wellness facility; heated pool and hot tub with private cabanas and fireplaces; resident lounge with outdoor terrace; curated private art collection; grand lobby and porte-cochere; pet grooming facility; and 24-hour on-demand concierge services.
The HFF debt placement team representing the borrower consisted of director Brock Yaffe.
“Working with the HFF team in concert with Freddie Mac is a pleasure.” said Max Bresner, BMC’s Chief Operating Officer. “HFF executed at a high level and procured very attractive long-term financing for this asset. Located in the heart of Cherry Creek, Denver’s most premiere submarket, we believe this asset enriches the neighborhood and sets a new standard in rental luxury living.”
