Denver-based BMC Investments (BMC), Cherry Creek’s most active and successful developer – having developed many of the area’s most prominent developments – announced today that it has recapitalized its residential community of mixed-use luxury, St. Paul Collection, at Cherry Ruisseau North. The recapitalization expands the existing programmatic partnership with Rockpoint, a Boston-headquartered real estate private equity firm. BMC will continue to own and operate St. Paul Collection alongside Rockpoint.
“We are excited to continue to grow the partnership with Rockpoint, which is truly a premier partner able to grow and scale with BMC across different markets and strategies,” said Jeff Stonger, chief investment officer at BMC Investments. “By the end of the year, we will have secured over $1 billion in total projects with Rockpoint over the past year, ranging from suburban development to central urban acquisitions and developments.”
Built in 2018, St Paul Collection offers 165 one-, two-, and three-bedroom residences, as well as penthouses and townhouses, ranging in size from 780 to 2,850 square feet. The community consists of two towers – 255 and 210 St. Paul Street – each of which has its own rooftop terrace with pool, hot tub, cabanas, grill, and 360-degree views; resident lounge; and a state-of-the-art fitness center. Additionally, the combined community is programmed with 24/7 concierge and events designed to create an exceptional experience for each resident beyond their high-quality residences and amenities.
Retail includes ground floor retail at 255 and 210 St. Paul Street and an additional retail building adjacent to 255 called The Garden at Cherry Creek which includes some of the retail Cherry Creek’s most iconic properties including CB2, SoulCycle, SweetGreen, A-Line Boutique and Le Bilboquet.
“St. Paul Collection is a BMC legacy project and has established a new standard of living not just in Denver, but across the United States, rivaling luxury apartment buildings in cities like New York and Los Angeles,” said Matt Joblon, Managing Director of BMC Investments “Our residents can afford to live anywhere, but they Choose live at St. Paul Collection because our offering – the residences, amenities, retail, community and location – is so completely unique.
BMC has also developed other high-profile assets, including 240 St. Paul, Financial House, Steele Creek and The Clayton, The Moxy and The Halcyon hotels. BMC recently announced two new projects: 255 Fillmore, one of the last large developable lots in Cherry Creek North, which will offer approximately 100,000 square feet of Class A office and retail space and is already pre-leased 100% before the start of construction; and 299 Milwaukee, an eight-story building with 156 luxury residential units and 30,000 square feet of high-end retail on the ground floor.
Brian McAuliffe, president of multifamily capital markets for CBRE, worked with Roland Merchant, Jr. and Tom Pryor, both at CBRE Capital Advisors, to advise BMC Investments in the recapitalization.