Suburban Denver Apartments Land $22M Refi

KeyBank Real Estate Capital secured the 10-year, fixed-rate loan on behalf of Maxx Properties.
Concordia Apartments. Image courtesy of KeyBank Real Estate Capital

Maxx Properties has taken a Fannie Mae refinancing package of $22 million for Concordia Apartments, a 168-unit community in Lakewood, Colo. KeyBank Real Estate Capital secured the 10-year, fixed-rate loan, which offers interest-only payments over its full term.

The new mortgage pays down $13.2 million in financing Greystone had provided through HUD in 2013, according to Yardi Matrix. Maxx acquired the community in 1999 for $9 million.

The Class B property came online in 1985 and has seven three-story buildings. Concordia’s unit mix includes one- and two-bedroom units. The community has a swimming pool, a spa and laundry facilities, along with a two-story clubhouse.

Located on 5 acres at 6777 W. 19th Place, the asset is 3 miles from Interstate 25 and 5 miles from downtown Denver. The property is half a mile north of the West Colfax Avenue retail corridor and the Lamar Station Plaza shopping center.

KeyBank’s team included Senior Vice President Alan Isenstadt and Senior Mortgage Banker Erik Storz. In December, the firm secured $35.5 million in Fannie Mae financing for Van Allen Apartments, a Class A community in upstate New York.