Newly Constructed Multifamily Property in Wheat Ridge Sells to Seagate Colorado Partners
Seagate Colorado Partners, LLC, a seasoned, creative real estate investment company focusing its energies in urban and suburban areas in the Western United States, has purchased the newly constructed Outlook Clear Creek, a 310-unit multifamily property in Wheat Ridge, for an undisclosed sum. Seagate purchased the property from Evergreen Development.
CBRE Capital Markets’ Debt & Structured Finance secured $84 million in financing on behalf of Seagate. CBRE secured a seven-year fixed-rate loan with full-term interest-only through a life company.
“Outlook Clear Creek is an exceptional property, representing some of the only new multifamily construction in the supply-constrained west Denver market. We were able to secure an optimal financing solution by facilitating a relationship between our client and a lender who offered a stabilized loan execution prior to full stabilization at the property,” said CBRE Vice Chairman Brady O’Donnell, who represented Seagate Properties in the financing.
Outlook Clear Creek was designed by Denver-based KEPHART Architects and built by Denver-based Nexus Builders.