CBRE Capital Markets’ Debt & Structured Finance has arranged the refinancing for The Raleigh at Sloan’s Lake, a 249-unit Class A multifamily property in Denver.
CBRE’s Brady O’Donnell and Jill Haug secured a fixed-rate loan with a life insurance company at a competitive interest rate on behalf of the borrower, a joint partnership between Hines, the international real estate firm, and MetLife.
“The Raleigh at Sloan’s Lake represents a true outlier execution from a financing standpoint,” said Mr. O’Donnell. “Despite the challenges presented by COVID-19, Hines and MetLife delivered a highly desirable and well-positioned asset that achieved stabilized occupancy in less than a year. By capitalizing on the excellent lease-up story and ideal location, we were able to field extremely competitive offers to retire the construction loan. The strong response the property has commanded from the lending community can be directly attributed to the borrower’s expertise and execution.”
Completed in 2020, The Raleigh at Sloan’s Lake is a seven-story community located at 1650 Raleigh Street. The property features studio, one- and two-bedroom floorplans with high-end modern finishes, averaging 994 sq. ft. Community amenities include a sky lodge with rooftop patio, pool, state-of-the-art fitness center, dog wash station, screening room, and pedestrian connection to Sloan’s Lake Park, the second largest park in Denver.
The Sloan’s Lake location offers residents a 10-minute commute to Denver’s Central Business District, and immediate access to recreation, open space, retail and entertainment, including Edgewater Public Marketplace and the newly constructed Alamo Drafthouse.
“Hines is excited to open up the next chapter at Sloan’s Lake with our new lending partner. This unique lake front asset is well positioned to meet renters’ demands for luxury multi family product in one of Denver’s fastest growing neighborhoods,” Hines Managing Director and Denver City Head Chris Crawford said in a statement.
