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Phoenix & Southwest  + Southwest  + Finance  | 

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.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Development