Calmwater Capital Supplies $34M Refi on Denver Area Apartments
By Andrew Coen June 17, 2024 10:59 am
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Development firm The Prime Company (TPC) has nabbed a $34 million mortgage to refinance a newly built multifamily asset in suburban Denver, Commercial Observer can first report.
Calmwater Capital provided the 30-month, floating-rate bridge loan on TPC’s 146-unit Oxford Vista, a 146-unit Class A multifamily property at 4201 South Navajo Street in the Denver suburb of Englewood, Colo. The five-story building at a former infill site was delivered in December.
Zachary Novatt, director at Calmwater, led the transaction with an origination team that included Larry Grantham, managing principal, and DaJuan Bennett, vice president.
“Calmwater continues to see an increase in demand for our bridge program to refinance high-quality assets that need additional time to lease up or to season their existing rent roll,” Grantham said.
Located nine miles from Downtown Denver, the Oxford Vista complex has options ranging fromstudios to two-bedroom apartments. Community amenities include a swimming pool, a spa, a rooftop sundeck, a clubhouse with community kitchen, an outdoor barbecue area with fire pit, podcast studios, a fitness center, a pet park and a dog-washing station.
Calmwater noted that the Denver metropolitan statistical area is seeing increased demand for rental housing with the area now exceeding 3 million people, according to recent estimates from the U.S. Census Bureau. The property is walking distance from Oxford Sheridan Light Rail station connecting to Downtown Denver and is near the 135-acre River Point at Sheridan retail district.
“TPC is an experienced multifamily developer with a track record of identifying submarkets with proven long-term demand drivers,” Novatt said in a statement. “The neighborhood benefits from attractive demographics, affordable rents relative to other submarkets in the Denver MSA, access to public transportation and a growing social infrastructure.”
Officials at TPC did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
