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7/30/12
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NorthMarq arranged combined first mortgage refinancings in the amount of $21.25 mil for two market-rate multifamily properties containing a total of 354 units. NorthMarq’s Mark Grace arranged the deals, on properties in Colorado Springs, CO and Midvale, UT.
The Commons at Briargate Apartments, located at 2845 Freewood Point in Colorado Springs, contains 194 units and was refinanced at $11.05 mil. Pinnacle at Fort Union Apartments, located at 1151 East 6720 South in Midvale, contains 160 units and was refinanced at $10.2 mil.
Financing for both of these transactions was based on a six-year, interest-only term and was funded by a life insurance company. The borrower required aggressive flexibility in prepayment as well as interest-only for term to accommodate fund hold period requirements. The life insurance company was able to accommodate with a step down prepayment structure allowing for prepayment after the first half of the loan terms at a very competitive rate.
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