Global commercial real estate advisory firm Newmark today announced it has arranged an $81 million fixed-rate loan for the refinancing of 255 St. Paul Street, located in Denver, CO on behalf of BMC Investments.
The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of debt & structured finance, along with Nick Scribani, Chris Kramer. The 10-year loan is interest only for the full term and carries a fixed rate of 3.92%. The loan was provided by Athene, a subsidiary of Apollo Global Management.
The property is a newly developed luxury residential building with 84 units and 40,320 net rentable square feet (NRSF) of retail space. The Property opened in December 2018 and has leased up rapidly. The retail space is leased to a diverse mix of national and local tenants, including SoulCycle, Chase, Sweetgreen and Le Bilboquet. The Property also contains 220 parking stalls with 100 devoted to the retail (4.48 per 1,000 SF) and 120 for the apartments (1.42 per unit).
“The Property is part of the St. Paul Collection of high-end apartments built by BMC and unlike anything else in Denver. It is the city’s premier rental property given the unit finishes, sizes, layouts, services, common area amenity package and location,” said Stolly.
“BMC has created immense value in Cherry Creek through their developments and 255 St. Paul adds to an already superior track record,” said Roeschlaub.
BMC Investments is an experienced real estate investment company specializing in the development, acquisition and redevelopment of properties across various asset types throughout the United States. BMC’s portfolio of investments includes more than 8,000 multifamily units, 200,000 SF of commercial space and 350 hotel keys.
In particular, the company has developed some of Denver’s highest profile and best-known assets, including Steele Creek, the Moxy Hotel and the Halcyon Hotel. Based in the Cherry Creek submarket of Denver, BMC is acutely aware of the market and uniquely positioned to oversee 255 St. Paul.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.