Barings procures $65.4m in financing for 387-unit multifamily asset in Colorado

Barings announced the procurement of $65.4 million in financing for Promenade Place, a 387-unit, mid-rise multifamily property in Greenwood Village, Colo., a suburb of Denver. The property is situated in the heart of the thriving Denver Tech Center (DTC). Cushman & Wakefield served as the exclusive adviser to Barings.

Barings advises the domestic pension fund that owns the property through a joint venture with the original developer, Finger Cos., which developed the asset in 2002.

A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team represented the borrower in the refinancing transaction. The loan was provided by a major U.S. life insurance company.

“Promenade Place is a great example of what lenders want today — a quality multifamily asset in a good market, with solid underwriting metrics, for top-tier sponsorship,” said Brian Share, executive managing director at EDSF. “We had a deep field of lenders at competitive pricing a