REDWOOD CITY, CA—Indigo, a 470-unit, mid-rise apartment building here has acquired $121 million in non-recourse development financing through CBRE.

Brady O'Donnell of CBRE's Denver office, along with Andrew Behrens and Jesse Weber from CBRE's San Francisco office, and Mike Bryant from CBRE's Dallas office, arranged the financing for Indigo on behalf of developer, The Pauls Corporation, a real estate development, investment and management company based in Denver, and Mount Kellett Capital Management, a multi-strategy investment firm, to secure the four-year, floating-rate loan through Wells Fargo.

“The strength of CBRE's national platform combined with its ability to collaborate with specialists in different markets enabled us to meet the unique needs of our client and ultimately solidified the transaction,” said O'Donnell.

Construction of the building, which is located at 525 Middlefield Road, is scheduled to commence in May 2014. The developers hope the development's proximity to major transportation hubs and mid-peninsula location will attract residents who work in San Francisco County or Santa Clara County.