GREENWOOD VILLAGE, CO–Houston-based Fingers Co. recently received $43 million in financing for its 387-unit Promenade Place in this upscale area along the southeast corridor. Intended for reposition, the seven-year loan term has "very competitive pricing" at a fixed-interest rate with flexible prepayment.

Promenade Place was built in 2003 with a net rentable area of 425,919 sf. Promenade Place is the first luxury, mid-rise apartment community to be built in the Denver Tech Center, a new business center in the Denver metro area. While the Tech Center started out as purely an office park, it has evolved over the decades into a mixed-used community with a variety of housing and retail, in addition to mostly class A office space. Many tenants at Promenade Place also work in the Tech Center.

Eric Tupler, managing director of L.J. Melody & Co., the real estate investment banking division of CB Richard Ellis that arranged the loan, tells GlobeSt.com that Fingers, was coming off its construction/development financing. He says that the community was 84% occupied when the loan was completed.

"They are ramping up nicely," Tupler tells GlobeSt.com. "It is probably the best apartment community along the southeast corridor. They have granite countertops and a lot of other features, so it's almost like a high-end condo development. There is some other high-end apartments along the corridor from a supply side, but nothing at that location. The chances are slim that someone else is going to build an apartment community in the heart of the Tech Center."

Tupler adds that with the loan provides "the maximum amount of flexibility," if Fingers decides to sell or refinance again during the term of the loan. "Our Houston office primarily worked directly with the borrower, and I handled the local analysis," Tupler says, adding that as the Denver Tech Center office market improves, so will the occupancy and lease rates at the community.