CIBC, Huntington Bank Lend $65M on Denver Area Single-Family Rental Community
BMC Investments and Rockpoint have nabbed $65 million of construction financing for single-family rental development within a master-planned community just outside Denver, Commercial Observer can first report.
Newmark arranged the translation with a debt team led by Dustin Stolly and Jordan Roeschlaub alongside Nick Scribani, Chris Kramer and Ben Kroll. The debt package also includes proceeds for the sponsorship team’s planned built-to-rent developments across the Denver area.
“We’re very bullish on the long-term demand for this product, and to be at the forefront of the asset class working alongside best-in-class sponsors like BMC and Rockpoint has been very meaningful for our platform,” Stolly said in a statement.
Located at 4895 South Tibet Street, the 230-unit, built-to-rent, single-family community is situated on 24 acres as the last developable site within the Copperleaf master-planned community.
“We are extremely confident in BMC and Rockpoint’s vision and execution of this project, and believe their Fillmore Homes brand will be an incredibly successful product within the built-to-rent asset class,” Martha Borre, managing director of commercial real estate at CIBC Bank USA, said in a statement.
Denver-based BMC is in the midst of a “suburban attainable housing strategy” with nearly $1.5 billion in development for the platform.
“It’s important to establish a distinct and scalable brand to support our ongoing growth,” Jeff Stonger, chief investment officer at BMC, said in a statement. “The Fillmore Homes brand will represent our built-to-rent, single-family platform in all future markets.”
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