January 8, 2016
Denver, CO January 08, 2016 – W.G. Nielsen & Co., a leading investment banking firm headquartered in Denver, CO, announced today that it successfully procured equity investors to develop an age restricted 99 unit community at 16th Avenue and Pennsylvania Street in Denver, Colorado.
A $2.35 million private equity investment was raised in combination with additional equity investments raised by the development team, and will be used to augment a construction loan from Mutual of Omaha Bank.
Developers Henry Burgwyn and Rick Johnston are building the $33 million 5280 Senior Residences in the desirable Uptown neighborhood, within walking distance of restaurants, shopping, museums, entertainment venues and local parks. For those seniors still working, the location is a short distance to public transportation and the Central Business District.
The six-story building, currently under construction, will include 55 one-bedroom, one-bath units, 10 two-bedroom, 1.5-bath units and 34 two-bedroom, two-bath units. The upscale apartment community will include a library, lounge, Wi-Fi cafe, fitness center and a community room for meetings and social gatherings.
"W.G. Nielsen & Co. was pleased to work with the development team for this transaction," said Bill Nash, real estate director for W.G. Nielsen & Co. "We believe the project will benefit from limited competition and strong upside potential, particularly in central Denver. A growing body of demographic and consumer data confirms a strong and increasing demand for multi-family rental housing targeted to older households, especially in central urban centers. In fact, it is estimated the number of Coloradoans 65 or older is expected to jump 61 percent to 900,000 in this decade alone."
About 16th and Pennsylvania, LLC
The owner of the project is 16th and Pennsylvania, LLC, a Colorado limited liability company comprised of seasoned real estate investors and professionals. The company has retained Burgwyn So-Oli Developers, Inc., a firm wholly owned by Henry Burgwyn and Douglas Johnston, as the developer. Burgwyn has developed 19 rental housing communities representing about 1,500 rental units.
About W.G. Nielsen & Co.
W.G. Nielsen & Co. is a Denver-based investment banking firm that specializes in mergers and acquisitions (sell side and buy side advisory services) and structered and leveraged financing transactions. W.G. Nielsen & Co., an independently owned, FINRA investment banking firm, offers clients innovative financing solutions. The firm enables select mid-sized clients to achieve their goals through strategic alliances, industry experience, and proven methodologies. Since the firm's inception in 1996, W.G. Nielsen & Co. professionals have completed transactions valued in excess of $4 billion.