EverWest Real Estate Partners is pleased to announce the closing of a Preferred Equity investment supporting the development financing of a 255-unit, 5-story apartment project located in Westminster, CO (part of the Denver MSA). The project is part of a new Westminster downtown master plan and the site is adjacent to the Flatiron Flyer express bus stop, which is one-stop from downtown Denver's vibrant Union Station train terminal. The site is also adjacent to Westminster's future light rail station, making this a Transit-Oriented Development.
The Sponsor, Minneapolis-based Sherman Associates, is a very experienced multifamily developer, having completed close to 10,000 residential units, and has been working closely with the City of Westminster to ensure the project design and execution is in line with their long term vision of the broader Westminster Town Square.
EverWest advised one of its investment clients on the investment. The senior construction loan was provided by Natixis bank. Baxter Fain led JLL's Capital Markets team in Denver on the transaction.
Joe Chickey, Senior Director at EverWest said, "The location of the project, which is roughly equidistant between downtown Denver and Boulder, coupled with the increasing Denver population and employment drivers, will ensure a successful lease-up once completed. Also, the quality of the Sherman development team as well as the support from the City of Westminster, will further enhance the success of this project."
Zi Chong, Associate at EverWest said "We are excited to be part of the creation and development of a new downtown for the City of Westminster and we are impressed by the commitment of Sherman Associates and the City of Westminster on this long term plan."