Colorado Real Estate Journal -

NorthMarq closes $33m loanfor Grand River Canyon Apts.

by Jennifer Hayes

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NorthMarq Capital recently arranged a trio of loans along the Front Range, including a $33 million loan for a Colorado Springs apartment community.

Steve Koeneke, Dave Link and Jim DiRienzo of NorthMarq arranged the loan for the borrower through AmeriSphere.

The permanent financing was arranged for the unnamed borrower for the Grand River Canyon Apartments at 7755 Kaleb Grove Road.

The community comprises 440 units. It features four floor plans of one-, two- and three-bedroom apartments situated in 20 threestory buildings.Amenities at the Grand River Canyon, built in 1999, include a new state-of-the-art fitness center, business center, recreation room, resort-style pool, detached garages and carports. Apartments include 9-foot ceilings, oval tubs, and washer and dryer hookups.

Additionally, NorthMarq’s John Stewart and Brock Yafee arranged two refinance loans.

The larger of the loans was a $5.8 million refinance of the Hahns Peak One Building.

A Northern Colorado real estate firm, for which NorthMarq has previously arranged financing, was the borrower on the loan for the building at 4850 Hahns Peak Drive in Loveland.

The two-story, multitenant building comprises 53,088 square feet.

Built in 2006, the office property is located in Centerra, a 3,000- acre master-planned community off Interstate 25 and U.S. Highway 34.

Also, a $1.8 million loan was provided to a full-service Boulder-based real estate firm.

The loan refinanced Gunpark Business Center at 6390 and 6420 Gunpark Drive in the Gunbarrel business park in Boulder.

The property, built in 1980, consists of two multitenant office/warehouse buildings totaling 45,081 sf and featuring eight overhead drive-in doors.

Additional loan and borrower details were not disclosed.

Other News

n A $4.65 million loan to refinance a Lakewood apartment community was recently arranged by Terrix Financial Corp. The firm’s David O’Brien and Amy Gibson arranged the loan to refinance the 103-unit community. A life insurance company and correspondent lender of Terrix Financial provided the loan to a limited liability company.

The loan has a 12-year term and 30-year amortization period.

The interest rate is 4.97 percent.

The apartment community, constructed in 1984, features one-, two- and three-bedroom units that feature a washer and dryer hookup, balcony or patio and fireplace. Community amenities include a clubhouse with indoor pool and tennis courts.

-John Richert and Marsha Blair, also of Terrix Financial Corp., arranged an $800,000 loan secured by a note collateralized by an industrial property in Sedalia.

The lender on the note, which Terrix Financial’s client purchased, was in the final stages of foreclosure.

A life insurance company represented by Terrix Financial provided the loan. It was the first time Terrix arranged financing for the purchase of a note.

The single-tenant industrial building was built in 1985. The property comprises 30,377 net rentable square feet on a 1.9-acre site. Approximately 17 percent of the building is finished as office space. As well, the warehouse portion of the property has 18- to 20-foot-clear-height ceilings and dock-high and drive-in doors.

-Terrix Financial Corp.’s David O’Brien and Jay Richert arranged a $750,000 loan for an out-of-state retail center.

The loan is secured by a retail building shadow anchored by a Wal-Mart Supercenter.

A correspondent life insurance company represented by Terrix Financial provided the loan to the borrower, a family controlled limited liability company.

The loan was amortized for 25 years with a fixed rate of 5.38 percent. The loan proceeds will be used to refinance existing debt.

The single-story building was constructed in 2004. It comprises 9,000 sf on 0.83 acres and is fully occupied by four tenants, one of which is the owner of the property.