Capstone Collegiate Communities has received a $63.5 million loan to refinance the existing construction debt on the Cottages of Fort Collins, an 899-bed student housing property at Colorado State University in Fort Collins, Col.
KeyBank Real Estate Capital arranged the non-recourse, Freddie Mac financing, with a floating-rate, first mortgage loan offering a seven-year term, two-year interest only period and 30-year amortization schedule.
“The Cottages of Fort Collins is a newly constructed, market leading, cottage-style dedicated student housing complex serving students of Colorado State University, and this was an opportunity to finance one of the premier assets in the market for a best-in-class owner operator,” Caleb Marten of KeyBank’s commercial mortgage group, told Multi-Housing News. “The complex provides a second-to-none student living experience for its residents.”
Located at 1200 Gold Dr., on a little more than 24 acres, the Cottages of Fort Collins were constructed in two phases over a two-year period that began in 2016.
“A cottage-style product, by nature, tends to be a bit further from campus given the acreage it takes up, but the opportunity to live in your own home while still benefiting from the properties extensive amenities gives residents an extremely high-quality rental experience,” Marten said.
Capstone Collegiate Communities acquired the land in 2013 and applied for 27 building permits for two- and three-story townhouses in 2016 to get the project up and running. All townhomes range between 1,700 to 1,800 square feet and offer four to five bedrooms. The property offers cottage-style housing and each room comes with a private bathroom.
Top Notch Amenities
The list of amenities at the Cottages of Fort Collins includes a resident entertainment den, with five flat screens, four gaming systems and ping pong tables; a state-of-the-art fitness center; a multi-purpose room; a resort pool with spas; sauna and steam room.
There’s also a pet washing station, a dog park, and an Eno Hammock Lounge, centrally located between the pool and sand volleyball court.
In addition to serving the nearby Colorado State University, the Cottages of Fort Collins is situated in the heart of Fort Collins’ brewery district, close by the Fort Collins Brewery, Odell Brewing Co. and New Belgium Brewing Co. The property also provides a private shuttle running to and from CSU’s Lory Student Center on weekdays and a shuttle running to and from Old Town on Thursday, Friday and Saturday evenings.
In June, Nexus Commercial Realty sold an eight-unit multifamily property in Fort Collins, Colo., which is adjacent to Colorado State University.
Image courtesy of Yardi Matrix