BMC Investments Secures $53 Million Loan From FirstBank For Denver Development Site
242 Milwaukee Street
$53,000,000
$563/SF
Building Size
94,000 SF
Asset Type
Development Site
Closing
Oct 29, 2025
AI
The asset involved in the transaction is a development site located at 242 Milwaukee Street, Denver, CO. The total square footage of the site is 94,000. The transaction includes a construction loan amounting to $53,000,000 to refinance a planned Class A office and retail project, Milwaukee Place, being developed by BMC Investments.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $53,000,000
- Address: 242 Milwaukee Street
- Market: Denver, CO
- Asset Size: 94,000 sf
- Lender: FirstBank
- Landlord: BMC Investments
- Brokers: Justin Nelson, Eric Norris & PJ Feichtmeier - Walker & Dunlop
- Loan Type: Construction
- Scheduled Completion: Q1 2027
The transaction was facilitated by Walker & Dunlop, who arranged the construction loan from FirstBank for BMC Investments. The project is located in Denver’s Cherry Creek neighborhood and aims to enhance the local commercial landscape.
Players
Denver Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93