Berkadia Secures $81.23 Million in Joint Venture Equity for Trammell Crow Residential’s Multifamily Development in Denver
DENVER – April 1, 2024 – Berkadia announced today that it has arranged $81.23 million in joint venture equity for Alexan Pena Station, a to-be-built, 578-unit multifamily development in Denver, Colorado.
Cody Kirkpatrick, Chinmay Bhatt, and Noam Franklin of Berkadia JV Equity & Structured Capital represented the sponsor, Trammell Crow Residential (TCR), to arrange the joint venture equity partnership.
Alexan Pena Station, located on the northeast side of Denver, will be built over two phases and spread out over 12 buildings with an average unit size of 976 square feet.
Berkadia arranged the equity through MBK Rental Living, a privately held real estate investment and development firm. MBK is a wholly owned subsidiary of Mitsui & Co., Ltd., a global Fortune 500 company.
“In today’s challenging market, it is imperative for our team, Berkadia JV Equity & Structured Capital, to be in regular contact with both domestic and international equity sources to bring such a large-development opportunity to fruition. Working with a developer of TCR’s reputation and deep market experience was paramount to finding such a quality partner for this project in MBK Rental Living. The rich history and enviable track records that these two firms have in common will ensure their shared vision for this site results in a positive outcome for all stakeholders,” said Kirkpatrick.
“Alexan Pena Station aligns perfectly with MBK Rental Living’s commitment to making positive contributions to the communities we invest in by creating abundant high-quality, amenity-rich housing in thriving locations. We’re confident that our partnership with Trammel Crow Residential will be a welcome addition to Denver’s rapidly growing northeast side, offering residents a convenient and connected choice they can call home,” said Ken McCarren, President at MBK Rental Living.
“The TCR team is proud to partner with Berkadia and MBK to bring Alexan Pena Station to market, providing future residents the opportunity to be a part of a high-end community in a fast-growing area,” said Jarvie Worcester, Managing Director for the Mountain States Division of Trammell Crow Residential.
Located at the southwest corner of 64th Avenue and Dunkirk Street, the community will be built on a 20-acre site with over 725 parking spaces. Alexan Pena Station will feature one-, two-, and three-bedroom floor plans and will include 46 affordable units, providing access to housing for individuals earning 60% of the area median income.
As a part of the city’s large development review process, the development will contain a two-acre public park, featuring large and small dog parks, a pickleball court, and a multi-use trail. Other community amenities include two resort-style pools with sun shelves and cabanas, two clubhouses, coworking offices, community garden plots, and a beer garden with outdoor games. The property is located one mile west of the Pena Station light rail stop and affords residents convenient access to Denver International Airport, the Denver Zoo, Coors Field, Fitzsimons Medical Campus, Rose Medical Center, and the shops and restaurants just a short distance from downtown Denver.
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