Mountain View Capital has secured $52 million in acquisition financing for Point 21 Urban Flats, a 212-unit community in Denver. Greystar sold the property for roughly $84.3 million. That equates to a 61.7 percent loan-to-purchase price and provides three years of fixed rate and two years of floating rate, with open prepay in the last two years. JLL represented the borrower.
Completed in 2014, the community has one- and two-bedroom floorplans. Each unit features washers and dryers and quartz countertops. The new owner plans to renovate common areas, lighting and unit interiors. Community amenities include a pool, spa, lounge and fitness center. A business center and garage parking are also available.
Located at 2131 Lawrence St., the community is in downtown Denver’s Ballpark neighborhood, with plenty of entertainment, dining and retail options. Kaiser Permanente Franklin Medical Offices is less than 2 miles southeast, while Civic Center Park is 1 mile south.
Denver’s population is expected to grow by 4 percent annually over the next four years. Point 21 Urban Flats is well-positioned to further capitalize on the city’s future growth.
Director Kristian Lichtenfels led the JLL Capital Markets Debt Advisory team that represented the borrower.