Newmark announces the $22.4 million Freddie Mac, 10-year, fixed-rate refinancing of Copper Ridge Apartment Homes, a 129-unit, garden-style community located in Louisville, CO. The financing effort was led by Newmark’s Multifamily Capital Markets Executive Managing Director Charlie Williams of the firm’s Denver office.
Though the refinance application was submitted in December, the borrower decided to postpone the closing date to April 1, 2020, at which time there would be no pre-payment penalty on the existing debt. Despite the COVID-19 pandemic, which rapidly impacted markets, the transaction was completed remotely with teammates across the country.
“We were able to maintain a competitive rate for our client due to the uncertainty in the capital markets environment and, in fact, arrange for loan proceeds that were above the initial loan application,” said Williams. “We are pleased with the outcome in light of current events that brought numerous challenges to executing the refinance.”
The 1994-constructed asset received a complete renovation over the last six years with features including a clubhouse, 24-hour fitness facility, pool, courtyard with grills and business center. Copper Ridge is in Boulder County, eight miles from downtown Boulder and is prominently situated on McCaslin Boulevard, a main thoroughfare of Louisville featuring retail, restaurants, office space, grocery stores and direct access to the Denver Boulder Turnpike.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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