San Diego, CA

CBRE Arranges $45.7 Million in Financing for 232-Unit Multifamily Community in Westminster, Colo.

July 22, 2022

CBRE Secures Financing for Links at Legacy Ridge

CBRE has secured $45.7 million in financing for the acquisition of The Links at Legacy Ridge, a 232-unit multifamily community in Westminster, Colo.

Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke with CBRE Capital Markets’ Debt and Structured Finance team in San Diego secured the 10-year, fixed-rate loan on behalf of the sponsor and owner, MIG Real Estate (MIG). MIG recently purchased the property from Seagate Legacy Associates and will use a portion of the loan to renovate all 232 apartment units and exterior common areas to its scope.

Built in 1999 and located at 2710 Bruchez Parkway, the garden-style community sits on 12.9 acres and is comprised of 15 buildings. The property features a low density of 18 units per acre and offers 132 one-bedroom, 84 two-bedroom and 16 three-bedroom floor plans. Unit amenities include nine-foot ceilings, fully equipped kitchens, full-size washers and dryers, private balconies and patios, walk-in closets and detached one- and two-car garages. Community amenities include a year-round pool and spa, clubhouse, fitness center, business center and yoga studio, as well as picnic and barbeque areas and on-site management and maintenance.

“Denver’s rapid growth, net in-migration and high housing costs are fueling the metro’s multifamily market. With rents rising in all submarkets, The Links at Legacy Ridge will allow MIG to take advantage of a mark-to-market opportunity while still providing residents with a relatively affordable living option,” said Peterson. “Moreover, MIG plans to capitalize on future rent growth with premium upgrades to fully realize the property’s upside potential.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.