WESTMINSTER, CO—National capital services firm Cohen Financial, has secured a combination $42.064 million debt financing and approximately $22 million equity investment for the development of LongsView Apartments, a class A 312-unit multifamily property located here, between Denver and Boulder.
Robert Lindner and John Carrick, managing directors in Cohen Financial's Los Angeles office, and Mark Strauss, managing director in Cohen Financial's Irvine office, secured the $42.064 million floating rate construction loan with Fifth Third Bank. The team secured the $22 million equity investment from a leading life insurance company. The borrower is a national multifamily owner/operator and developer. The debt financing closed on August 13. The equity financing closed in May 2014.
“LongsView Apartments is going to be an outstanding property, highly amenitized and close to numerous employment drivers and spectacular views of the Colorado Front Range,” said Lindner. “The single most difficult challenge we had with capitalizing LongsView was helping investors and lenders understand how this specific submarket's tenant demand is sufficiently insulated from the flood of new supply coming online in the downtown urban core.”
Commenting on the pipeline of development financing opportunities, Lindner said, "All developers and investors have had to contend with rising construction costs, primarily due to the lack of available labor to handle the volume of deals under construction. There is a sentiment in the marketplace that as projects deliver, and the pipeline of new opportunities slows, the cost to construct should start to decline and stabilize.”
Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, loan administration and advisory services.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
