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Financing Execution Goes Through Despite Lending Volatility
Acquisition debt and joint venture equity financing was recently arranged for Glenwood Village Apartments, a 48-unit apartment complex located at 2747 Glenwood Ct. in Boulder, CO. The purchase transaction closed with an equity investment of $11 million and debt financing of $7 million with a 30-month term of interest-only payments, a fixed coupon of 3.25% and non-recourse.
Cushman & Wakefield’s Denver equity, debt and structured finance group arranged the financing. Baxter Fain, Christina Grimme and Sarah Dinning handled the joint venture equity and debt financing.
“This was an outstanding execution, given the volatility and uncertainty of the period. This is an irreplaceable asset in the heart of one of the nation’s highest value markets that had not traded for 45 years. We are very excited about its potential and by our team’s ability to continue to source, transact and maximize the value of such unique opportunities,” commented John Kirkland, manager/owner of Glenwood Village Apartments.
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- ◦Financing
