Greystone Provides Loan for Colorado Asset
The Fannie Mae loan will be used to refinance a Reliance Multifamily community in the Denver area.
Reliance Multifamily has secured a $30.4 million Fannie Mae Delegated Underwriting and Servicing loan for the refinancing of its community in Thornton, Co. Greystone provided the financing for the property in the form of a non-recourse, fixed-rate loan carrying a seven-year term with full-term interest-only payments on behalf of Milky Way Apartments LLC.
The community, Parkview Terrace Apartments, is a 206-unit garden-style asset. The loan is a permanent exit from the bridge acquisition financing, also arranged through Greystone in July 2021. According to Yardi Matrix data, Reliance Multifamily purchased the community for $33.3 million with an initial acquisition loan of $26.6 million.
Built in 1972, the asset has a total of nine buildings located at 1300 Milky Way. It includes one-, two- and three-bedroom homes ranging from 692 square feet to 1,215 square feet, according to the same data. Situated in the Denver area, the property is 97 percent occupied.
Community amenities include a pool, a playground, laundry facilities and 415 parking spaces, according to the same data. The two-story buildings also have private patio and balcony options.
The Denver multifamily market is seeing growth in 2022 despite occupancy rates declining to 95.4 percent, a 30-basis-point drop the 12 months ending in June. Average rents rose to $1,941, a 1.2 percent increase on a trailing three-month basis through July. With sustained rent growth as well as healthy construction starts, the area is expected to continue performing strongly.