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4/15/15
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ColRich Communities has acquired Sandpiper Apartments, a 357-unit multifamily community in Westminster, CO. The purchase was funded with a $26.6 mil acquisition loan arranged by Walker & Dunlop Inc.
Originally constructed in 1973, Sandpiper Apartments is located at 8200 Sheridan Blvd, west of the Denver Boulder Turnpike and north of W. 80th Ave. It consists of one- and two-bedroom units spread over 30 garden-style apartment buildings.
The development sits on 17.3 acres and includes amenities such as three heated community pools, fenced dog park, children’s playground, BBQ/picnic area, sand volleyball court, game room, business center and a fitness center. ColRich will be investing a significant amount of capital into the property and completely repositioning the asset.
The financing transaction was executed under Fannie Mae’s Moderate Rehabilitation program and allowed ColRich to purchase the property and leverage their construction expertise to substantially renovate, reposition, and revitalize the asset.
Trevor Fase and Mark Grace led the Walker & Dunlop team that structured the 12-year loan with five years of interest-only payments. In order to maximize the loan proceeds for the borrower, the loan was underwritten at a minimum 1.25x DSCR and escrowed part of the borrower’s planned renovation costs to maintain a maximum 75% loan-to-cost. The loan closed at an 85.8% loan to purchase price.
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