WESTMINSTER, CO—National capital services firm CohenFinancial, has secured a combination $42.064million debt financing and approximately $22million equity investment for the development ofLongsView Apartments, a class A 312-unitmultifamily property located here, between Denverand Boulder.

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Robert Lindner and JohnCarrick, managing directors in Cohen Financial'sLos Angeles office, and Mark Strauss, managing director inCohen Financial's Irvine office, secured the $42.064 millionfloating rate construction loan with Fifth ThirdBank. The team secured the $22 million equity investmentfrom a leading life insurance company. The borrower is a nationalmultifamily owner/operator and developer. The debt financing closedon August 13. The equity financing closed inMay 2014.

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“LongsView Apartments is going to be an outstanding property,highly amenitized and close to numerous employment drivers andspectacular views of the Colorado Front Range,”said Lindner. “The single most difficult challenge we had withcapitalizing LongsView was helping investors and lenders understandhow this specific submarket's tenant demand is sufficientlyinsulated from the flood of new supply coming online in thedowntown urban core.”

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Commenting on the pipeline of development financingopportunities, Lindner said, "All developers and investors have hadto contend with rising construction costs, primarily due to thelack of available labor to handle the volume of deals underconstruction. There is a sentiment in the marketplace that asprojects deliver, and the pipeline of new opportunities slows, thecost to construct should start to decline and stabilize.”

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Cohen Financial is a diversified, commercial real estate capitalservices firm offering debt and equity placement, loanadministration and advisory services.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.