Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Berkadia Secures $49.4M Refi Loan for Longmont Apartments
A Berkadia team led by Allan Freedman helped arrange a $49.4 million refinancing of South Main Station, Phase I, a 253-unit, mid-rise multifamily property in Longmont, Colorado. The financing was secured through Fannie Mae on behalf of Mass Equities, Inc.
The ten-year loan was full-term interest-only, featured a 4.92 percent interest rate, a 35-year amortization sizing schedule, and a 60 percent loan-to-value ratio. “The long term, fixed rate full-term interest-only financing allowed the client to satisfy their opportunity zone hold while having strong cash-flow yearly,” said Freedman.
Formerly a Butterball Turkey plant, Mass Equities redeveloped the site starting in 2019, at a cost of $70 million, to include 253 luxury apartment units and 10,051 square feet of ground floor retail space.
