Denver-Area Community Receives $22M Refi Package
- Apr 23, 2020
Newmark Knight Frank Multifamily Capital Markets has arranged a $22.4 million refinancing package for Copper Ridge Apartment Homes, a 129-unit community in Louisville, Colo. Berkeley Point Capital provided the fixed-rate interest loan, which is set to mature in 2030. Executive Managing Director Charlie Williams assisted the borrower, Capital Real Estate.
The new loan retires a 10-year, $15 million mortgage, provided by CNO Financial Group in 2013, according to Yardi Matrix data. Despite having applied for refinancing in December, Capital Real Estate postponed the closing date until April 1, 2020, to avoid pre-payment penalties on the previous loan.
Located on 9 acres at 240 McCaslin Blvd., the community features 12 two-story buildings completed in 1994. The owner executed an extensive capital improvement plan on the property over the past six years. Amenities include a pool, gym, laundry facility and business center.
This is not the first time NKF represented Capital Real Estate. Last year, the company sold a 220-unit community in Denver with assistance from the brokerage. Monaco South traded for $36 million.