CoBiz Bank funds $25.6 million loan for Peña Station
Colorado Real Estate journal has an article regarding funding by Colorado Business Bank for funding in and around Peña Station Next.
Colorado Business Bank recently funded a $25.6 million senior secured construction facility for the development of a transit-oriented multifamily development at the Peña Station light-rail station near Denver International Airport.
J. Rhett Nunnally arranged the loan for developer MGL Partners for the $43.3 million development of the 218-unit community, which will be part of the 383-acre Peña Station Next project. The overall development plan for the area includes up to 1.78 million square feet of office space, 1,085 hotel rooms, 3,825 residential units, 668,000 sf of retail and 58 acres of open space.
The development of Peña Station and the subject financing exhibit the complexity often required to deliver affordable housing in today’s market and the creativity and collaboration necessary to effectively capitalize the investment, noted Nunnally.
The bank group was augmented by VectraBank Colorado, which was a significant participant in the loan. Additionally, multiple quasi-governmental entities provided subordinate debt tranches.
Further, the developer elected to obtain a permanent loan forward commitment, which was provided by The Federal Home Loan Mortgage Corp. via Prudential Affordable Mortgage Company LLC. The developer’s joint-venture partner was a division of Prudential Financial Inc.
Read the complete article on Colorado Real Estate Journal