DENVER-Trammell Crow Residential has a partner for Alexan Prospect, a 400-unit multifamily community it has slated for construction in the Central Platte Valley, a 120-acre former industrial area immediately west of the Denver CBD being redeveloped into a mixed-use urban neighborhood. Behringer Harvard Multifamily REIT I, in partnership with a Dutch pension fund, acquired a 50% stake in the $95-million project, which according to SEC documents is expected to provide all partners a preferred return of 14%.

Approximately 73% of the cost of the Alexan Prospect is being funded with a $70.5-million construction loan from KeyBank National Association. For its share of the project’s equity requirement, the REIT and its partner, Dutch pension fund Stichting Pensioenfonds Zorg en Welzijn paid Trammell Crow $7.36 million (7.8% of the overall cost) in cash and provided a $14.8-million mezzanine loan (15.6% of overall cost) for the project which bears interest at 10%. Upon completion of the Alexan Prospect Project, The Behringer-PGGM partnership has the option to convert the mezzanine note to a capital contribution, according to SEC filings.

The 367.433-sf (net rentable) development will rise at the intersection of Inca and 20th streets, between Coors Field and the river. The site is near both Interstate 25 and historic Union Station, which is being redeveloped to serve as a multimodal, regional transit hub where light rail, commuter rail and buses will converge. The overall Central Platte Valley redevelopment will include millions of sf of residential, office, retail, restaurants and hotels.

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