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Denver-Area Mixed-Use Project Lands $66M Loan from Natixis

| Commercial Real Estate News, Development, Finance, Mixed-use| Views: 178


Paris-based corporate and investment bank Natixis recently provided a $66.2 million construction loan for Westminster Town Square, a mixed-use development currently underway in Westminster, Colo. The bank secured a $50 million construction loan, as well as a $16.2 million preferred equity position, for the Class A project being developed by Sherman Associates Inc. of Minneapolis, Minn.

Located just 10 miles from Denver and 15 miles from Boulder, Westminster Town Square is part of the 105-acre Downtown Westminster Master Plan, a long-term redevelopment initiative of the former Westminster Mall at 5433 West 88th Ave. The new downtown Westminster site is set to include office, retail, residential and entertainment space, alongside 18 acres of parks and public space. The master plan calls for all new development on site to be LEED Silver-certified, and aims to reduce pollution and environmental damage by incorporating smart streetlights, meters and parking garages.

Sherman Associates’ five-story Westminster Town Square will include 255 Class A apartment units, a three-level parking garage featuring 386 spaces, and 24,770 square feet of ground-floor commercial space. Amenities will include a resort-style pool and spa, a rooftop area, clubhouse, fitness center, bike repair shop, golf simulator room and a car and pet wash. As an integral part of the new downtown redevelopment plan, the project aims to earn LEED Silver certification from the USGBC.

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