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Colorado Springs MF Receives $33M in Construction Financing
NorthMarq Capital arranged $33.3 million in construction financing for Patriot Park Apartments, on behalf of developer Goodwin Knight. The 258-unit market rate multifamily project is located on 8.8 acres in Colorado Springs, CO, north of Platte Avenue and west of Powers Boulevard.
Units will be spread across five buildings, varying between three and four stories and ranging from one to three bedrooms. Amenities will include a 3,500-square-foot clubhouse with a fitness center, leasing office, business center, pool, and spa. The property backs up to the Sand Creek Trail, and has a large open park space and dog park.
The seven-year fixed rate debt was originated through a regional bank. The high leverage facility contains a three-year interest only, and flexible prepayment provisions.
NorthMarq Capital’s Jeff DeHarty arranged the financing. He notes the property “will serve the greater Rustic Hills submarket, which has not seen any new multifamily community additions of 50+ units since 2008.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development

