Page 16 —
COLORADO REAL ESTATE JOURNAL
— November 4-November 17, 2015
Finance
by John Rebchook
Sandy Metzel, principal of
SKMManagement, built the 195-
unit Palmetto Club apartment
community in Arvada.
When Metzel wanted to refi-
nance the community at 380 W.
80thAve., he reached out to Cath-
erine Murphy and her team at
Chase.
He is glad he did.
Murphy arranged a $18.73 mil-
lion, five-year loan with a 3.58
percent interest rate.
It was the largest of 28 recent
multifamily loans with a total
value of $84 million arranged by
Murphy and her associate, Amy
Ivy. The smallest loan was for
$606,000. Together, all 28 proper-
ties had 1,762 units.
“They were on top of every-
thing,” Metzel said about the
Chase team.
“They were very proactive and
made sure there were no loose
ends,” Metzel said.
He also said that the loan itself
can’t be beat.
“It’s one of the best loan prod-
ucts out there,” Metzel said.
For one, it had extremely low
brokerage fees.
“They were next to nothing,”
Metzel said. And the loan is fully
amortizing.
“That means you can keep pay-
ing it all the way down to zero, if
you want,” Metzel said.
“Sometimes you have a loan
and it has a big balloon payment
and the lender doesn’t want to
keep funding it, even though you
are current, and you have to go
scrambling to find another loan,”
he said.
He said he wouldn’t hesitate
to use Murphy and Chase in
the future.
“Chase is the largest bank in
the U.S. (with $2.52 trillion in
assets),” Metzel noted.
“They can cherry-pick who
they want to work with and I
am honored they agreed to work
with me,” he said.
“The bottom line is that it was
a very fine loan and Catherine
andAmy are very good people to
work with,” Metzel said.
He said Palmetto Club is about
98 percent occupied.
“Its vacancy rate is negligible,”
Metzel said.
“Arvada is a very hot market.
Arvada is considered a model
city,”Metzel said. “And you have
the Westminster Mall just to the
north being redeveloped, making
the area even more attractive.”
Other recent loans completed
by Murphy include:
• A $12.2 million nonrecourse
loan with 10th Avenue Residen-
tial LLC for the refinance of an
86-unit apartment complex at
1000 Grant St. in Denver. The
seven-year, fixed-rate loan is 3.91
percent;
• A $4.55 million nonrecourse
loan with 11th Avenue Residen-
tial LLC for the refinance of a
36-unit apartment complex at
1075 Corona St. in Denver. The
seven-year, fixed-rate loan is 3.91
percent;
• A $4.45 million nonrecourse
loan with Marion Residential
LLC for the refinance of a 43-unit
apartment complex at 929 Mari-
on St. in Denver. The seven-year,
fixed-rate loan is 3.91 percent;
• A $4.05 million nonrecourse
loan with Pennsylvania Residen-
tial LLC for the refinance of a
32-unit apartment complex at 970
Pennsylvania St. in Denver. The
seven-year, fixed-rate loan is 3.91
percent;
• A $3.62 million nonrecourse
loan with Ogden Residential
LLC for the refinance of a 23-unit
apartment complex at 1145 and
1153 Ogden St. in Denver. The
seven-year, fixed-rate loan is 3.91
percent;
SKM financed the loan for Palmetto Club in Arvada.
