Suburban Denver Apartments Receive $33M Refi
- Apr 25, 2012
Westminster, Colo.—Oak Grove Capital has originated a $33 million Fannie Mae permanent loan for the refinancing of Cascade Village Apartments, a market-rate complex in Westminster, Colo. The 10-year fixed rate loan is full-term interest only, with a 9.5 year yield maintenance period, according to Oak Grove.
Built in 1986, Cascade Village Apartments is a 444-unit complex comprised of 27 three-story buildings located just north of Denver. Its units run from $753 to $1,090 per month, and amenities include an 80-seat movie theater two resort-style swimming pools, a fitness center with sauna, and a business center.
According to Tim Leonhard, managing director at Oak Grove Capital, the combination of a strong sponsor, low leverage and a good asset made Fannie Mae comfortable with the expiring fund as well as the full term interest-only period. The deal was closed with an expiring investment fund in an especially short time frame of execution, going from application to commitment in 33 days, he adds.
Leonhard anticipates more such deals in the multifamily space for the company. “We’ll continue to have the ability to execute loans like Cascade Village given our integrated origination and underwriting platform,” he tells MHN. “Taking a loan from application to closing in just over 30 days isn’t unusual for us.”
The St. Paul-based Oak Grove Capital specializing in mortgage lending for affordable and market-rate multifamily apartment complexes, seniors housing and healthcare facilities. The company services a commercial loan portfolio in excess of $7.5 billion.