DENVER, CO - CBRE has arranged $58.71 million in construction financing for the development of Retreat at Mountainside, a 284-unit luxury multifamily property in Colorado Springs, Colorado, which broke ground in October 2023.
Brady O’Donnell, Jill Haug and Alex Scott of CBRE Capital Markets’ Debt and Structured Finance team in Denver secured the loan on behalf of Hines, the global real estate investment, development, and property manager, and MBK Rental Living, a real estate developer.
“We were able to help Hines and MBK Rental Living navigate the challenging and ever-changing debt market to efficiently capitalize a project that meets a need in the Colorado Springs housing market,” said CBRE’s O’Donnell. “Retreat at Mountainside will provide a luxury living experience in the Briargate neighborhood.”
Located at the intersection of Briargate Parkway and Grand Cordera Parkway, the seven-building community will have one-, two- and three-bedroom units with an average size of 967 sq. ft. Amenities include a resort-style pool, grilling stations, an outdoor pizza oven, a dog park, fitness center, yoga room, clubhouse, private party room, coworking area and conference rooms.
“While the debt market remains tumultuous, the top-tier developers behind this project coupled with its thoughtful design and location gave lenders confidence and led to the best financing outcome,” added CBRE’s Haug.
The Briargate neighborhood is near many outdoor recreation options and open spaces, while also being home to the United States Air Force Academy, Children’s Hospital Colorado, Chapel Hills Mall, The Promenade Shops at Briargate, the Briargate YMCA, and the recently built John Venezia Park.
The widening gap between the cost of home ownership compared to renting is continuing to drive demand for rental properties across the U.S. The gap reached historic levels this year, with it now costing 52% more to buy a home compared with the cost of renting, according to CBRE research.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
About MBK Rental Living: MBK Rental Living is active in the acquisition and development of apartment communities. The company's mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate LLC., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world's largest corporations. MBK Real Estate's companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com