Citadel on Colfax

Mixed-Use Property
Northstar Commercial Partners
Denver, CO

Offered By

Northstar Commercial Partners

Northstar Commercial Partners

Denver, CO

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Assets Under
Management

Currently
$800MM 20+ assets
Exited
$222MM 50+ assets
Portfolio LTV
60%  
Historical
Realized Returns

Total IRR
29%  
Equity Multiple
1.3x  
Annual Cash
N/R  
Years Of
Experience

As Principals
15+ years  
In Business
18 years  
Size
45 Staff * Dedicated investor relations
* All information is reported by Northstar Commercial Partners as of 1/24/2018.
Assets Under
Management

Currently
$800MM 20+ assets
Exited
$222MM 50+ assets
Portfolio LTV
60%  
Historical
Returns

Total IRR
29%  
Equity Multiple
1.3x  
Annual Cash
N/R  
Years Of
Experience

As Principals
15+ years  
In Business
18 years  
Size
45 Staff * Dedicated investor relations
* All information is reported by Northstar Commercial Partners as of 1/24/2018.

About this Property

Northstar Commercial Partners (“Northstar”) is pleased to present Phase II of the Citadel on Colfax, where in addition to providing attractive returns to investors, Northstar has the opportunity to serve the men and women in its communities who have already served proudly in our country’s Armed Forces. Northstar is developing a place-based initiative in Metro Denver to achieve a stronger and more supportive community, in order to improve the outcomes for local veterans.

This investment has been structured to offer investors the opportunity to co-invest alongside Northstar to make a significant impact on the community. Colfax and Sable, LLC, an entity formed by Northstar, currently owns a vacant land site totaling ±25.6 developable acres in a prime location in the Aurora suburb of Denver, Colorado, USA. This will be a mixed-use development containing hospitality, retail, market rate multi-family and a veteran multi-family component (the “Project”). Northstar will be the master developer of the site and will deliver the horizontal development of the site to facilitate pad sales to users and other developers, and will also construct 16,000 SF of retail.

Investors in this Project are projected to receive a 25.09% IRR over a four year hold period.

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Key Points

  • Purchased ±25.6 developable acres to be developed into pads for sale as well as vertical development.
  • National Valuation Consultants’ appraisal dated September 27, 2017 appraises the property “As Is” at $11,000,000. The “upon completion” value is appraised at $18,500,000.
  • Approved for $10,189,000 in Metro District Bond proceeds to recover 100% of the infrastructure cost.
  • A majority of the initial equity is expected to be returned to investors within 2 years, as a result of pad sales:
    • Placed ±11 acres under contract for the construction of 164 townhomes for a total expected value of ±$8,600,000.
    • One retail pad contract is being negotiated to sell 1.95 acres for an agreed-to price of $1,274,130.
    • One retail pad Letter of Intent is being negotiated to sell 1.03 acres for $1,121,670.
  • Plan to sell 9 retail pad sites for an expected value of ±$6,600,000; currently negotiating a sales contract for one retail pad site and one hotel pad site for a total value of $2,300,000.
  • Plan to vertically develop two retail pads and sell the properties fully-leased in three years for an expected value of ±$8,900,000.

Financials

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Offering Financial

Location Details

Aurora, CO

The existing site is located at the South East Corner (SEC) of Colfax Avenue and Sable Boulevard, Aurora, CO 80011 (the “Property”). It is presently an undeveloped 25.65-acre parcel consisting of two adjacent lots, which are separated by the Granby ditch. Northstar is currently working with City of Aurora to determine how to make this ditch a feature within the Project, while accounting for the intent of the ditch. The Property is located less than 1.5 miles from the Fitzsimons Life Science District (the center of Colorado’s bioscience practice and research community), the University of Colorado Denver’s Anschutz Medical Campus, and the Children’s Hospital of Colorado. The site is also approximately 0.6 miles from the future Veterans Affairs Hospital, and only 0.5 miles from the Colfax and I-225 Light Rail Station (providing easy access to Denver International Airport and Downtown Denver).

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Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

LAND COST INPUT COST ($)
Land Cost - $7,750,000
Land Closing Costs - $30,000
Acquisition Fee Acquisition Fee (3.0%) $232,500
Land Loan Interest - $1,046,250
Land Loan Origination Cost - $69,750
Phase I Step Up Accrued Return - $884,531
TOTAL LAND COSTS $10,013,031

The first projected distribution is scheduled for February 2019.

Distributions are scheduled to go out on an annual basis.

Yes, non-US residents are welcome to apply. Please contact the sponsor for more details.

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