Mesa West Refis Denver-Area Apartments With $52M Loan

An affiliate of Crow Holdings Capital has sealed a $52 million loan to refinance a multifamily asset in suburban Denver, Commercial Observer has learned.

Mesa West Capital has provided the floating-rate loan for the development firm’s 256-unit Canyon Reserve at the Ranch property in Westminster, Colo.

Crow Holdings acquired the 1984-built garden style apartment complex in 2022 for $93.5 million from Continental Realty Group, who had acquired it for $48.9 million in 2017, Denver Business Journal previously reported. 

Located at 2890 West 116th Place 15 miles from Downtown Denver, the 17-building complex underwent property improvements in 2022. Community amenities include a pool, outdoor grilling area, fitness center and dog park. 

“There is a compelling supply-demand dynamic in Westminster, where new construction has been moderate compared to the significant wave of supply that’s impacted broader Denver,” Brian Hirsh, central region head of originations, said in a statement. “With the recent repositioning of the asset and strengthening market fundamentals, the property is well-positioned for outsized performance.”

Officials at Crow Holdings did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com