Colorado Real Estate Journal - April 5, 2017
Metropolitan Capital Advisors Ltd. recently arranged two loans, including construction financing for the third phase of the Belle Creek Commons project. Charley Babb, senior director and principal of Metropolitan Capital Advisors’ Denver office, and Tiffiany Mullins, senior associate at MCA, placed the $4.12 million construction loan for the Belle Creek Commons development. MCA arranged the debt financing on behalf of an entity sponsored by Chartered Development Corp., a Denver-based development company. The construction, minipermanent financing has a 5 percent interest rate. Additionally, the loan has prepayment flexibility. The unnamed lender also provided the financing for the first two phases of Belle Creek Commons, where the first phase of construction is complete and Phase 2 is underway. The third phase of the community at Belle Creek Commons will include 24 apartments and 10 townhomes. Anticipated delivery is this fall. A final, fourth phase is planned with build out in the first quarter of 2018. One-, two- and three-bedroom apartments include a patio or balcony, inunit washer and dryer and state-of-the-art soundproofing. The two-story townhomes with two and three bedrooms feature an attached two-car garage, 8- and 9-foot, ceilings, and in-unit washers and dryers. At completion, Belle Creek commons will comprise 177 market-rate units and complete the full development of the Belle Creek community at 9444 E 108th Ave. in Henderson. In addition to the apartments and townhomes, the master-planned Belle Creek community features single-family homes, community gardens, membership to the Belle Creek Family Center & YMCA, free community events, such movies in the park, and walkability to retail and restaurants as well as the Bell Creek K-8 Charter School. “The thing I found so exciting was that the developer was able to deliver this quality of housing at this price in the current market. This is really what got me excited about taking this assignment,” said Babb. MCA also arranged a $3.5 million, fixed-rate loan for Shift Workspaces-Corona. Babb and Mullins placed the loan with a community credit union located in Denver. The 10-year full-term loan includes a seven-year term fixed at 4 percent and a 25-year amortization. Shift Workspaces-Corona, at the intersection of East Fourth Avenue and Corona Street in Denver, features a collaborative co-working office space with fully amenitized workspaces ranging from private offices, designated desks and co-working space with a collaborative conference room and event space. Additionally, Shift includes a full kitchen stocked with coffee and beverages and an on-site fitness facility and yoga studio.