Natixis Arranges $66.2 Million Construction Financing for Westminster Town Square
Natixis provided a $50 million construction loan and arranged a $16.2 million preferred equity position for the development of a 255 unit Class A multifamily community with ground floor retail located in the fast-growing market of Westminster, CO. Westminster is located 10 miles from Denver and 15 miles from Boulder. The project is being developed by Minneapolis-based developer Sherman Associates, Inc.
Westminster Town Square is part of a larger 105-acre Downtown Westminster Master Plan mixed-use redevelopment of the former Westminster Mall. The project is a 5-story, 255-unit, Class A, mid-rise apartment building with a three-level parking garage containing 386 parking spaces and 24,770 sq. ft. of ground floor commercial space, including 2,148 sq. ft. of outdoor seating areas for restaurant spaces. Extensive amenities include a rooftop area, resort style pool and spa, clubhouse, fitness center, car/pet wash, bike repair and a golf simulator room. In addition, the property will be designed to achieve LEED silver certification.
Natixis continues its push into the greater Denver market with this financing and seeks other opportunities in the market. Greg Murphy, Head of Real Estate Finance for the Americas, says that “Natixis is targeting markets such as Denver, with strong demographic trends, positive employment growth, and favorable business climates.”
Sherman Associates, founded in 1978, is an award-winning real estate company specializing in design, construction and financing of commercial and housing properties in Colorado, California, Minnesota, Wisconsin, Iowa, and Missouri, with 8,500 units and 600,000 sq. ft. of commercial space under ownership.