DENVER, CO - CBRE Capital Markets’ Debt & Structured Finance has arranged the refinancing for Zia Sunnyside, a 434-unit Class A multifamily property in Denver. CBRE’s Brady O’Donnell and Jill Haug facilitated a bridge loan on behalf of the borrower, Confluence Companies.
“Zia is a stunning multifamily project that presented a unique financing opportunity to retire a costly high leverage construction loan with a bridge execution, allowing the borrower to continue to execute their business plan in the rapidly changing Denver apartment market,” said Mr. O'Donnell.
Constructed in 2020, Zia Sunnyside is a six-story community located at 4055 Inca Street. The property offers studio, one-, two- and three-bedroom units with luxury finishes, averaging 681 square feet. Community amenities include a pool, 24-hour health club, bicycle storage, clubhouse, barbeque and picnic areas, a dog wash, rooftop deck and on-site retail.
“Confluence constructed an exceptional product that offers a portion of the property’s units to residents earning 80 percent of the average median income in a neighborhood lacking multifamily options,” added Ms. Haug. “The project's best-in-class design, excellent lease-up story and remaining upside enabled us to run a competitive process and bring in a lending partner with a custom fit solution.”
The property has nearby access to Interstates 25 and 70, as well as the Fox Street light rail station, providing connectivity to the entire Denver metro area. It is located within walking distance to Denver’s Highlands neighborhood with numerous restaurants and bars.
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 2020 revenue). The company has more than 100,000 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.
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