MetLife Lends $83M on Radiant Apartments in Downtown Denver
By Mack Burke May 25, 2021 3:10 pm
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MetLife Investment Management has provided $83 million in debt to multifamily owner and developer LMC to finance a newly built apartment development near Denver’s central business district, Commercial Observer has learned.
The five-year loan refinanced Radiant Apartments, a new 18-story development at 2100 Welton Street in the middle of Downtown Denver.
MetLife’s Patrick Lim originated the mortgage, which closed on May 13.
The property sits at the corner of 21st and Welton Street, just a block away from Regional Transportation District’s 20th Street and Welton light rail station outpost; the area’s light rail system runs 113 miles across a dozen lines. Radiant is also surrounded by office buildings, grocery and food-and-beverage offerings, as well as urban park space and a massive collection of medical facilities that includes Saint Joseph Hospital.
Radiant sports 329 studio, one-, two- and three-bedroom luxury units, with rents ranging from around $1,400 to north of $5,700, according to listing information from Apartments.com and from the property’s website.
LMC began leasing out the asset in the summer of 2019, after it wrapped up work on the development.
Scott Johnson, LMC’s divisional president of the mountain states, said at the time the firm started leasing that the property “redefines Denver apartment living, combining walkability and a transit-oriented location adjacent to the light rail with features and amenities that residents simply can’t find in any other apartment community in the city.”
According to the property’s website, its amenities include a terrace overlooking the city, which includes a pool and spa, as well as a coworking space with private offices, a beer garden and barbecue area, a community area and lounge that features a kitchen and game room and billiards, a 24-hour fitness center, a pet grooming station, a bike workshop, electric-vehicle charging outposts, and an indoor-outdoor rooftop lounge with panoramic views. The property also has about 3,500 square feet of retail space on-site.
