Natixis Lends $47.75 Million for Elements at Prairie Center, Brighton, CO
Natixis originated a $47.75 million floating-rate loan to The Commonwealth Group, LLC and C&A Companies to refinance Elements at Prairie Center, a newly built, 288-unit, Class A, garden-style multifamily project located in Brighton, Colorado. The financing consists of a $42.75 million senior loan and $5 million mezzanine loan. Loan proceeds will be used to pay off the existing construction loan, repay preferred equity, and cover closing costs.
Elements at Prairie Center is part of a larger 2,000-acre Prairie Center Development, which is planned and entitled for a phased buildout of approximately two million square feet of retail/commercial uses and 3,000 residential units. The property is a 13-building, 288-unit, Class A, mid-rise apartment community with extensive amenities including resortstyle pool, sun deck with BBQ area, resident lounge, fitness center, pet wash, dog park, and community garden. The property is Energy Star certified with a geothermal heating and cooling system as well as EPA water sensors.
The Commonwealth Group, LLC and its associated entities have been actively engaged in development, leasing and management services in the Mid-Atlantic region since 1973. To date, The Commonwealth Group is responsible for the development, construction and management of over 600 million dollars’ worth of commercial, industrial, and residential real estate. http://commonwealthltd.net/us/
C&A Companies is a diversified real estate firm based in Denver that brings extensive experience across a broad range of asset types including residential, retail, office, industrial, and self-storage. Since it was established in 1993, C&A Companies has successfully developed more than 2,000 residential units, ranging from multi-family communities to semi-custom and fine custom homes. C&A has also developed over 5,000 acres into 750 single-family lots, while preserving over 2,000 acres as open space, dedicated parks, and conservation easements. http://cacompanies.com/
The financing was arranged by James Conley from the HFF Philadelphia office