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4/21/17
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Walker & Dunlop Inc originated a $55.4 mil interim loan on behalf of The Wolff Company for 8000 Uptown Apartments, a recently constructed Class A multifamily complex in Broomfield, CO. The transaction was funded through Walker & Dunlop’s interim loan program, which uses the company’s own balance sheet to finance short-term loans backed by multifamily properties.
The 360-unit property opened in August 2015 and contains a mix of one-, two- and three-bedroom apartments. 8000 Uptown offers tenants upgraded interiors that includes stainless steel appliances, quartz countertops in kitchens and baths, and hardwood vinyl plank flooring. Project amenities include a swimming pool, spa, fitness center, outdoor grilling area, resident lounge, coffee bar, and beer tap.
8000 Uptown is situated near 1stBank Center in a neighborhood comprised mainly of commercial and residential properties and some vacant land. Broomfield is located 18 miles northwest of the Denver Central Business District and provides residents with easy access to Downtown Denver and Boulder.
The loan is structured as an 18-month, floating rate loan with full-term, interest-only payments. The purpose of the transaction was to pay off the existing construction loan and stabilize the occupancy of the property prior to placing permanent agency financing. Walker & Dunlop’s Jay Thomas arranged the transaction for The Wolff Company, for which the firm has arranged 50 multifamily loans totaling approximately $760 mil since 2007.
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