Cardinal Group Snags $35M CO Asset
- Nov 28, 2017
TSB Capital Advisors has arranged acquisition financing on behalf of Cardinal Group Advisors, for Uptown Broadway, a multifamily community in Boulder, Colo. According to Yardi Matrix, the November sale was subject to a $20.8 million 10-year, fixed-rate term loan, provided by KeyBank and held by Freddie Mac.
Cardinal purchased the asset from CityView for $35 million. Management will be handled by Cardinal Group Management.
Located at 4590 13th St., the 116-unit Uptown Broadway features one- and two-bedroom floorplans, including townhomes, ranging from 619 to 1,206 square feet. The pet-friendly community comprises 10 two-story buildings located over parking and 35,337 square feet of retail. Interior features include washer/dryers, built-in microwaves, wood flooring, central heat and air, private balcony/patios, vaulted ceilings, ceramic tile and fireplaces in select units. Common area amenities include:
- fitness center
- business center
- outdoor grilling kitchen
- 203 parking spaces
- on-site maintenance
- outdoor storage
“The financing of Uptown Broadway provided some unique challenges given the complex HOA and TIC borrower,” said Shawn Sweeney of TSB Capital Advisors. “However, the team at KeyBank did a great job working with Freddie Mac closing in a tight time frame.”
In April, CIM Group sold 9Seventy, a new luxury apartment community in Boulder, Colo., in which Cardinal Group Management also currently manages.
Image courtesy of TSB Capital Advisors