Page 20 —
COLORADO REAL ESTATE JOURNAL
— September 16-October 6, 2015
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Finance
by John Rebchook
Owners of small apartment
buildings in the Denver area took
advantage of low interest rates in
the second quarter to refinance
their loans.
For proof, consider the flurry of
deals handled by Catherine Mur-
phy of Chase, who is described
by brokers as a rock star lender of
urban projects.
In the second quarter, she han-
dled more than $55 million in
transactions for 31 different prop-
erties. Two transactions were for
properties in California, but the
rest of the apartment buildings
were in Denver, the suburbs of
Denver or in Boulder.
Of those, 25 were for refinances
and six were for acquisitions.
“It’s not surprising that most of
her activity was for refinancing
loans,” said Greg Johnson, a mul-
tifamily broker at Madison and
Co.
Two of Murphy’s transactions
involved buildings that Johnson
and his partner, KyleMalnati, bro-
kered. One was the purchase of
a building at 840 Cherry St. and
the other was the acquisition of a
building at 1536 Williams St. Both
are in Denver.
“Regarding the market over-
all, it’s not surprising to see so
many apartment owners locking
in interest rates before they rise
again,” Johnson said.
“We expect to see an increase
in sales heading into 2016 as con-
cerns over rising interest rates
and apartment construction make
more owners fearful that prices
could fall,” Johnson said.
Together, the 31 apartment
buildings have a total of 695 units.
The rates on the new loans
ranged from 2.9 percent to 4.54
percent. The average interest rate
on a loanwas slightly less than 3.7
percent.
About half were recourse loans
and half were nonrecourse loans.
All of the loans were amortized
over 30 years.
The following is a list of loans
arranged by Murphy:
• A $4.95 million recourse loan
with Coco’s Palace LLC for the
purchase of a 57-unit apartment
complex at 5579 S.Windermere St.
in Littleton. The five-year, fixed-
rate loan has an interest rate of
5.75 percent;
• A $3.5 million loan with
Hakabert LLC for the refinance
of a 20-unit apartment complex
at 1700 17th St. in Boulder. The
seven-year, fixed-rate loan has a
rate of at 3.71 percent;
• A $3.44 million nonrecourse
loan with Executive House LLC
for the refinance of a 95-unit apart-
ment complex at 330 E. 10th Ave.
in Denver. The seven-year, fixed-
rate loan is at 3.29 percent;
• A $3.19 million nonrecourse
loanwith RDGProperties LLC for
the refinance of a 38-unit apart-
ment complex at 809 Dexter St. in
Denver. The five-year, fixed-rate
loan is at 3.7 percent;
•A$3 million nonrecourse loan
with Old Faithful Properties LLC
for the refinance of a 40-unit apart-
ment complex at 2035 S. Josephine
St. in Denver. The five-year, fixed-
rate loan is at 3.7 percent;
• A $2.7 million nonrecourse
loan with Eight South Clarkson
LLC for the refinance of a 27-unit
apartment complex at 253-263
Grant St. in Denver. The five-year,
fixed-rate loan is at 3.95 percent;
• A $2.6 million nonrecourse
loan with 1205 Wash LLC for the
purchase of a 20-unit apartment
complex at 1285Albion St. inDen-
ver. The five-year, fixed-rate loan
is at 3.61 percent;
• A $2.5 million nonrecourse
loan with RL Chapman Proper-
ties-Grant LLC for the refinance
of a 40-unit apartment complex
at 321 E. 18th Ave. in Denver. The
five-year, fixed-rate loan is at 3.18
percent;
• A $2.4 million recourse loan
with Jim Gilbert LLC for the refi-
nance of a 14-unit apartment com-
plex at 1000-1010-1020 12th St. in
Boulder. The seven-year, fixed-
rate loan is at 3.61 percent;
• A $2.3 million nonrecourse
loan with Forest Glen West LLC
for the refinance of a 15-unit apart-
ment complex at 2142 Canyon
Blvd. in Boulder. The seven-year,
fixed-rate loan has a rate of 3.71
percent;
• A $2.2 million recourse loan
with ML Jewell LLC for the pur-
chase of a 31-unit apartment com-
plex at 8953 W. Jewell Ave. in
Lakewood. The seven-year, fixed-
rate loan is at 3.79 percent;
• A $1.66 million nonrecourse
loan with Bean Cove LLC for the
refinance of a 17-unit apartment
complex at 2208-2214 E. 17th Ave.
in Denver. The three-year, fixed-
rate loan is at 3.2 percent;
• A $1.6 million recourse loan
with Stephen Kaali Nagy for the
refinance of a 12-unit apartment
complex at 10119 Commerce Ave.
in Los Angeles. The five-year,
fixed-rate loan is at 3.47 percent;
• A $1.5 million recourse loan
with Terrace Park Apartments
LLC for the purchase of a 20-unit
apartment complex at 5379 Estes
St. inArvada. The five-year, fixed-
rate loan is at 3.84 percent;
• A $1.5 million recourse loan
with Adrian Kaali-Nagy for the
refinance of an eight-unit apart-
ment complex at 514 Shelton St. in
Burbank, California. The five-year,
fixed-rate loan is at 3.3 percent;
• A $1.42 million recourse loan
with BPS NV III LLC for the pur-
chase of a 17-unit apartment com-
plex at 840 Cherry St. in Denver.
The seven-year, fixed-rate loan is
at 3.68 percent;
• A $1.31 million nonrecourse
loan with Incense Holdings LLC
for the refinance of an 11-unit
apartment complex at 59 Ogden
St. in Denver. The seven-year,
fixed-rate loan is at 4.1 percent;
• A $1.3 million nonrecourse
loan with JOS Investments LLC
for the refinance of a 23-unit apart-
ment complex at 2155 S. Josephine
St. in Denver. The seven-year,
fixed-rate loan is at 3.68 percent;
• A $1.27 million recourse loan
with Humboldt Apartments LLC
for the purchase of a 13-unit apart-
ment complex at 1521 Humboldt
St. in Denver. The five-year, fixed-
rate loan is at 3.39 percent;
• A $1.25 million recourse loan
with Barry Brown for the refi-
nance of a 23-unit apartment com-
plex at 1151 York St. in Denver.
The five-year, fixed-rate loan is at
3.54 percent;
• A $1.2 million nonrecourse
loan with Incense Holdings LLC
for the refinance of an 11-unit
apartment complex at 65 Ogden
St. in Denver. The seven-year,
fixed-rate loan is at 4.1 percent;
• A $1.19 million recourse loan
with 1536 Williams LLC for the
purchase of a 12-unit apartment
complex at 1536 Williams St. in
Denver. The five-year, fixed-rate
loan is at 3.81 percent;
• A $1.19 million nonrecourse
loan with Amherst Apartments
GP for the refinance of a 34-unit
apartment complex at 1500-1510 S.
Albion St. in Denver. The 10-year,
fixed-rate loan at 4.33 percent is
amortized over 30 years;
• A $1.06 million nonrecourse
loanwithCapitol Hill Properties II
Catherine Murphy of Chase arranged financing for the apartment
building at 840 Cherry St.
Catherine Murphy of Chase arranged financing for this apartment
building at 1536 Clarkson St.
