The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



FINANCING NEWS
Printer-friendly Version   Email an Associate
Private Investor Buys 300-Unit Res Asset in Colorado Springs, CO

1/04/17

The Vineyards, a 300-unit, Class A apartment community in Colorado Springs, CO, was purchased by a private real estate investment and development company. The transaction was financed with a $41 mil acquisition loan arranged by George Smith Partners.

The Vineyards, located at 4350 Mira Linda Point, consists of 22 buildings featuring a mix of one-, two- and three-bedroom apartments. Several units feature stainless steel appliances, granite-like countertops and contemporary hardware. Residents also have the option of selecting outdoor, covered, or garage parking spaces, and have the ability to rent large, freestanding storage units if needed.

The buyer plans to renovate all units and upgrade the community’s landscaping and on-site amenities, including the clubhouse, fitness center, leasing offices and business center, all of which will support moderate rent growth at the property.

Located on the north side of the city, The Vineyards is in close proximity to several top employers, including St. Francis Medical Center, one of the state’s top hospitals, as well as USAA Financial Center and Lockheed Martin. In addition, the property is surrounded by a variety of shopping and recreation attractions including luxury shopping malls, the nation’s only mountain zoo, and a U.S. Olympic training center.

The financing, arranged by George Smith Partners’ Jonathan Lee and provided by Walker and Dunlop, comprised 75% of the acquisition cost. The non-recourse loan closed at 4.31 percent with a 12-year fixed rate at nine years interest only.

“This structure is rare in the current financing climate. Our client was seeking a long period of interest-only financing, however lenders were initially hesitant to agree to these terms,” Lee says. “By demonstrating the strength of the asset, which is well-positioned as one of the few Class A apartment communities in Northern Colorado Springs, as well as the projected growth in NOI based on the buyer’s plan for the property, we were able to secure financing that met the needs of both the client and the lender. Further, we recommended locking the loan rate prior to the election, which saved our client from a spike in cost when the U.S. Treasury jumped 50 to 60 basis points post-election.”

Jeff Burns of Walker and Dunlop explains, “After reviewing all the materials, we immediately recognized the opportunity in lending on this property. This is a meticulously maintained core-plus asset that is positioned as one of the most high-quality rental properties in the area. With only 600 new units under construction in Colorado Springs, The Vineyards is poised to continue to compete as a top performer in the market.”

Bill Morkes and Craig Stack of Colliers International represented both the buyer and the seller in the transaction.






Return to the Archive page
 
 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media