Harmony, located in Aurora, Colorado is approximately a 1,400-acre master planned community which will be comprised of 3,900+/- home sites upon completion. The Master Plan will consist of several unique neighborhoods with amenities such as a community center, swimming pool facility, fitness facility, sports courts and open space for events.
In phase 1, the sponsor intends to deliver ~500 finished lots to the builders with initial lot sizes ranges from 50’s to 63’s and the homebuilders intend to develop one and two-story product with anticipated sales prices starting at $350,000.
Harmony’s location in the East Aurora corridor is expected to be in the next big growth area for the Denver MSA. The property rests just 8 miles south of the Denver International Airport, and is within 20 miles of several major employment centers including: Buckley Airforce Base (~5k jobs), Fitzsimons Bio-Medical Campus (~12K jobs), DTC-Denver Tech Center (94K jobs), Denver CBD (~100K jobs), Southlands Mall, and E-470 Commercial corridor.
The financing structured by Tower Capital includes a $28,000,000 Senior Loan and a $28,000,000 Mezzanine Loan, which will act as a line of credit to the sponsor as they develop the lots throughout the masterplan. In total, the development cost will exceed $200,000,000. The initial 490 lots are anticipated to be delivered by the end of 2020.
Tower Capital is a Commercial Real Estate Finance firm specializing in debt and equity placement on behalf of commercial real estate investors throughout the country. They offer borrowers conventional permanent financing through their commercial mortgage brokerage division, as well as short term bridge solutions through their in-house private money platform.