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Phoenix & Southwest  + Southwest  + Finance  |  January 4, 2022
Solace at Cimarron Hills
Lisa Brown
By: Lisa Brown

Financing of $52M Goes to Solace at Cimarron Hills Construction

Black Bear Capital Partners (BBCP) recently arranged $51.7 million in construction financing on behalf of Jackson Dearborn Partners for the ground-up construction of Solace at Cimarron Hills. This market-rate multifamily development in Colorado Springs will be built by Sub 4 Development Company, the construction arm for Jackson Dearborn Partners (JDP).

The $51.7 million loan, provided by a balance sheet lender, featured an attractive funding level at 75 percent loan-to-cost with interest-only payments for the entirety of the term.

Located on the Northeast corner of Powers Boulevard and Galley Road in Colorado Springs, Solace at Cimarron Hills totals 234 units and is composed of 10 individual buildings spanning approximately 238,320 rentable square feet. This property is also located in a qualified Opportunity Zone.

Raymond Zanca and Matthew Stearns of BBCP arranged the financing package on behalf of JDP.

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Raymond Zanca

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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  • ◦Development
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