Dwight Capital grants $ 51 million HUD loan on Colorado rental complex – Commercial Observer
Colorado-based real estate and energy investor Richmark secured just under $ 51.4 million in agency funding from a New York-based alternative lender Capital Dwight on one of its luxury apartment buildings in Littleton, Colorado, learned Commercial Observer.
The US Department of Housing and Urban Development (HUD) went to Richmark 5151 Littleton Town Center, a development of 350 units located at 5151 Rio Grande Street South in Littleton, a dense suburban area located about 10 miles south of downtown Denver.
Dwight general manager Brandon baksh was responsible for the origination of the government guaranteed mortgage loan.
The 13-acre site on which the property sits includes nine three-story buildings and five parking garages, as well as a residents’ pavilion. The development also includes a swimming pool, fitness center, electric fireplaces, and private patios or balconies with the units.
Monthly rents at 5151 Downtown Littleton range from about $ 1,400 for one-bedroom apartments to just over $ 2,500 for three-bedroom residences, according to information in the Apartments.com listing. Its units also vary in size from 667 to 1,293 square feet.
Its location in Littleton places the trump card around a multitude of stores, self-storage, and food and beverage outlets, which revolve around a large open-air shopping center that includes branches banking, a Dollar tree, a Walgreens, a Home deposit and one Lowe’s Home Improvement, among other offers. A few miles north of the property, in neighboring Englewood, are larger commercial outposts in a Walmart Supercentre, Costco and Target.
The property is also right next door Southern Santa Fe Highway, a major thoroughfare that runs north to south and leads directly to downtown Denver, as well as Belleview Avenue West, which runs from east to west, leading directly to Cherry Creek State Park to Aurora – nine miles east of the property.
5151 Downtown Littleton is also close to local green spaces and water bodies, including Bowles Lake and Superior Lake of Tule and the South Platte River, which is only a few blocks from the property. Nearby is a large dedicated park space, including Cornerstone park, a huge park complex with baseball diamonds and a skate park, as well as a separate but adjacent complex that includes a dog park, water park, and petting zoo.
Richmark officials did not respond to a survey before the publication.