Boulder-based developer secures loan for project in Denver
BOULDER — SEEC Enterprises Inc. in Boulder and Chicago-based Origin Investments, a national private-equity firm, have secured a construction loan to start work on an apartment complex in Denver.
SEEC Enterprises, led by Ben Massimino, will develop and co-own the 150-unit Brick Stone Apartments On 56th Ave, a 150-unit apartment complex south of East 56th Avenue between Pena Boulevard and Tower Road in the Denver International Airport corridor.
The project will consist of seven buildings. It is expected to break ground in August and be completed within 18 months.
CBRE’s Debt & Structured Finance practice based in Orlando arranged the $24.5 million loan. CBRE’s Zac Brumbaugh led the transaction construction for the loan through a regional bank. It covers 75 percent of the construction cost.
The project will include a clubhouse with wood-paneled and vaulted ceilings, a resort-style pool with outdoor TVs, a mail/package center, and a dog-washing area. About a quarter of the site will be landscaped open space that will include direct access to Denver’s First Creek Trail system.
SEEC Enterprises has built several projects in Salt Lake City, Utah, and currently has plans for a 116-unit apartment project in Fort Collins and a 280-unit apartment complex in southeast Longmont.