JUNE 1-JUNE 14, 2016
by John Rebchook
The apartment communi-
ties are 44.6 miles apart from
each other, at the opposite
ends of the Denver metro
area.
But the 300-unit Fox Ridge
Apartment Homes at 8225 S.
Poplar Way in Centennial and
the 216-unit Canterwood at
4870 Meredith Way in Boul-
der have a lot in common.
For one, both communities
share common ownership.
And both Fox Ridge and
Canterwood recently received
new loans of a total of $77.5
million.
Eric Tupler, a senior manag-
ing director in Denver’s HFF
office, arranged the financ-
ing on behalf of the owner,
Philadelphia-based Resource
America.
Records show that Resource
America, which trades under
the symbol REXI on the New
York Stock Exchange, paid
$125.25 million for the two
communities.
REXI paid $65 million, or
$300,926 per unit, in late 2015
for the Canterwood and paid
$60.25 million, or $200,833 per
unit, earlier this year for Fox
Ridge.
Tupler secured $40.2 million
in financing for Fox Ridge and
$37.3 million for Canterwood.
“We went out to the market
both as individual loans and
together,” Tupler said.
“We asked lenders to quote
individual loans for either
one,” as well as a package, to
give the borrower the widest
range of options, he noted.
“We wanted to be able to
create the most interest to give
lenders the largest opportuni-
ty to pursue them separately
or together,” Tupler said.
It worked.
“We had a tremendous
amount of interest,” Tupler
said.
Interest came from life
insurance companies, Fannie
Mae lenders and banks, he
said.
The same lender decided to
refinance both properties.
Tupler declined to identify
the lender, but records indi-
cate it was Allstate.
“We selected a life insur-
ance company for two rea-
sons,” Tupler said.
The first reason is that the
company “gave us very com-
petitive terms” for the seven-
year loans, he said.
The second reason was
that the prepayment penalty
terms were very flexible and
favorable, he said.
The insurance company
that made the loan, he said,
liked the location of both
properties.
“They liked the demo-
graphics of the area, as well
Shown is the Canterwood, recently refinanced in a deal arranged by Eric Tupler at HFF.
by Jill Jamieson-Nichols
Denver-based
Central
Development LLCwill devel-
op a 150,000-square-foot
speculative industrial build-
ing as part of a new Class A
business park in Centennial.
Encompass
Business
Park will be developed on
64 acres of land on the east
side of South Potomac Street,
between East Arapahoe Road
and East Fremont Avenue.
It will include both specula-
tive and build-to-suit devel-
opment for a wide range of
user types
and sizes,
i n c l u d -
ing light-
industrial/
m a n u -
facturing
and office
space.
“This is
one of the
last vacant
parcels on Arapahoe Road,”
said Jeremy Records, Central
Development principal. “It’s
really an infill location,” he
said.
“We feel that the site
encompasses a lot, with the
amenities, the surrounding
neighborhoods and proxim-
ity to businesses.”
Among the park’s advan-
tages are proximity to restau-
rants along Arapahoe Road,
which allows employees to
pick up lunch without driv-
ing 15 to 20 minutes each
way, said Records. “We
like the retail amenities. We
like that it can pull from so
many places.” The site is eas-
ily accessible for employees
who live in Highlands Ranch,
Parker, Aurora, Denver Tech
Center and Castle Pines,
allowing employers to draw
from a large, educated labor
pool.
While Encompass Business
Encompass Business Park is located just north of Dove Valley, on the south side of East Arapahoe Road.
Jeremy Records
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