Lincoln Hotel Apartments in Loveland sell for $3.5M

LOVELAND — A 110-year-old three-story historic building in downtown Loveland has been sold for $3.5 million.

Little Red II LLC of Santa Fe, N.M., led by managing partner John Utton, bought the property from Lincoln Hotel Apartments LLC of Loveland, led by Charles Salwei.

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The 21,000-square-foot building at 365 N. Lincoln Ave., includes the 27-unit Lincoln Hotel Apartments plus retailers Carl’s Canteen, Dicken’s Alley and Dude Cuts Barber Shop.

Fifteen of the property’s 27 apartments are rent-controlled, which was arranged in exchange for Community Development Block Grants awarded by the city to assist in restoring the property.

Salwei, who acquired the property in 2002, has been renovating the property over the past 13 years. He received a Historic Façade Grant from the State Historical Society to help preserve the building’s architectural exterior. The property is listed on the U.S. Department of the Interior National Register of Historic Places and is part of the Downtown Loveland Historic District.

The property is in the center of Loveland’s Renewal Initiative District, and it is part of the new downtown Loveland revitalization project known as The Foundry. The project is transforming three historic blocks into public spaces, apartments, offices, retailers and parking to support the downtown area’s rise as an epicenter for local entertainment.  Work on The Foundry began in February 2016 and is slated for completion in summer 2018.

Mike Eyer and Julius Tabert of CBRE Group Inc.’s office in Fort Collins handled the sale, which closed Oct. 14. David Treadwell and Shaun Duignan of CBRE Capital Markets Debt & Structured Finance facilitated the financing for the transaction.