Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $20.8 million landloan to refinance the High-Iron40 development site located at E. 40th Avenue and Clayton Street in the Elyria-Swansea neighborhood of Denver, Colo.
The loan was secured by Philip Gause based out of MMCC’s Denver office and Gary Sefcik from MMCC’sManhattan office.
“Although the overall capital markets environment remains challenging, we were thrilled to leverage a long-standing lender relationship andobtain extremely competitive terms on behalf of our client,”said Mr. Gause.“We look forward to assisting with the next phase of the property’s development, which will be a significant addition to one of Denver’s premier neighborhoods.”
The High-Iron40 development site, located in a qualified opportunity zone, represents one of the largest contiguous projects in central Denver with site development plan approval for over 900 residential units.It is located adjacent to the River North (RiNo)Arts District, one of Denver’s trendiest and fastest growing neighborhoods. Both RiNo and Elyria-Swansea have historically been industrial use neighborhoods. As RiNo rapidly gentrifies and attracts young professionals, similar development activity is now quickly moving into Elyria-Swansea following a familiar trend nationwide with prime industrial areas in urban core centers being converted to residential.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2021, MMCC closed 2,474 transactions totaling $11.6 billion. To learn more, please visit: marcusmillichap.com/financing