DENVER (March 1, 2016) – NorthMarq Capital’s Denver office arranged financing of $23 million for Park Place Old Towne Apartments located at 5743 Teller Street in Arvada, Colorado. The development consists of a single, 5-story building with 153 residential units (one and two bedroom floor plans). There are 116 covered parking spaces under the building podium in addition to assigned and uncovered surface level spaces. The community features three elevated courtyards, fire pit, pool/spa, fitness center, dog wash, sun deck and outdoor kitchen/lounge area. Unit amenities include washer/dryers, design and finishes customary to new upscale, open floor plans, quartz countertops, stainless steel appliances, oversized balconies, upgraded cabinets/fixtures in addition to oversized soaking tubs and large walk-in closets.
Greg Benjamin, senior vice president and Jeff DeHarty, associate producer arranged the financing for the borrower through its long-term correspondent relationship with a major Midwestern life insurance company.