Mile High CRE
A new mixed-use property called West End 38 Apartments is to be built in Wheat Ridge, Colorado that is expected to serve as a catalyst for further re-development along the 38th Avenue corridor.
The new property will feature 165 apartment units, 7,269 square feet of retail space, and a mix of outdoor public courtyards and gathering spaces. The four-story building will consist of three-stories of multifamily apartments above a street-oriented retail space along 38th Avenue. Retail tenants are expected to include a mix of local restaurants and retailers. The project will also include the first structured parking facility in the City of Wheat Ridge, serving both apartment residents and retail customers.
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, provided an FHA mortgage in the amount of $36.55 million to finance the construction. The borrower is West End 38 LLLP, a Colorado limited liability limited partnership, backed by Chris Downs and Tyler Downs.
“West End 38 Apartments will be the first truly integrated mixed-use project in the City of Wheat Ridge that will provide market rate housing for the working professional and families, along with commercial retail space,” explained Stephen Wessler, director – FHA Originations in the Affordable Housing Group at Hunt Mortgage Group.
The general contractor is Shaw Builders and they estimate a 19-month construction schedule.
According to Wessler the borrowers also own Wazee Partners, a Denver based real estate development and investment company, active in the development and acquisition/rehabilitation of multifamily, senior housing, retail, and land properties throughout the west mountain region. “They have extensive knowledge and experience and have developed or acquired over 800 units across eleven projects during the past eight years. We were pleased to partner with them on this deal to help revitalize the local area and provide quality housing to local residents.”
“This mixed-use project is expected to be a catalyst for further re-development along the 38th Avenue corridor and will serve as the anchor project for Main Street in Wheat Ridge,” added Wessler.
The property is supported by the city and included within the Urban Renewal Plan to eliminate and prevent blight by facilitating redevelopment; support and advance actions related to the development of vacant and under-utilized parcels and provide public infrastructure and make more efficient use of existing land to promote sustainability.
Per the City of Wheat Ridge’s Urban Renewal Plan, the loan qualifies under the Section 220 eligibility requirements for new construction of a mixed-use housing project within an urban renewal area. The project is also classified as green/energy efficient housing.