Colorado Real Estate Journal - November 4, 2015
Sandy Metzel, principal of SKM Management, built the 195- unit Palmetto Club apartment community in Arvada. When Metzel wanted to refinance the community at 380 W. 80th Ave., he reached out to Catherine Murphy and her team at Chase. He is glad he did. Murphy arranged a $18.73 million, 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 properties had 1,762 units. “They were on top of everything,” 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 products 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 paying 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 and Amy 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 Residential 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 Residential 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 Marion St. in Denver. The seven-year, fixed-rate loan is 3.91 percent; • A $4.05 million nonrecourse loan with Pennsylvania Residential 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; • A $3.4 million nonrecourse loan with Hana Properties LLC for the refinance of a 39-unit apartment complex at 2085 S. Josephine St. and 2375-2385 E. Evans Ave. in Denver. The five-year, fixed-rate loan is 3.74 percent; • A $2.62 million recourse loan with El Chalten LLC for the refinance of a 24-unit apartment complex at 1685 Colorado Blvd. in Denver. The five-year, fixed-rate loan is 3.9 percent; • A $2.62 million nonrecourse loan with David Henry Simon for the refinance of a 29-unit apartment complex at 1245 Elder Ave in Boulder. The seven-year, fixed rate loan is 3.87 percent; • A $2.6 million nonrecourse loan with David Henry Simon for the refinance of a 29-unit apartment complex at 1833 Folsom St. in Boulder. The seven-year, fixed rate loan is 3.87 percent; • A $2.1 million recourse loan with Bellvue Colorado Apartment Investment LLC for the refinance of a 22-unit apartment complex at 1160 Colorado Blvd. in Denver. The five-year, fixed-rate loan is 3.83 percent; • A $2.14 million recourse loan with Kaali Properties LLC for the purchase of a 14-unit apartment complex at 1002-1016 E. 10th Ave. and 964-968 Ogden St. in Denver. The five-year, fixed-rate loan is 3.83 percent; • A $2.01 million nonrecourse loan with Marion Residential LLC for the refinance of a 22-unit apartment complex at 60 Corona St. in Denver. The seven-year, fixed-rate loan is 3.85 percent; • A $1.89 million recourse loan with Dino and Melissa Katsoulas for the purchase of a 26-unit apartment complex at 8307-8347 S. Reed St. in Littleton. The monthly Treasury average adjustable rate loan had a start rate of 3.59 percent and is amortized over 30 years; • A $1.6 million recourse loan with Jersey Apartments LLC for the refinance of a 29-unit apartment complex at 1465 Jersey St. in Denver. The five-year, fixed-rate loan is 3.71 percent; • A $1.57 million nonrecourse loan with Linden Locust LLC for the purchase of a 20-unit apartment complex at 2337-2387 S. Locust St. and 2366 S. Linden Court in Denver. The five-year, fixed-rate loan is 3.99 percent; • A $1.5 million recourse loan with Lloyd’s Apartments LP for the refinance of a 23-unit apartment complex at 960 Logan St. in Denver. The five-year, fixed-rate loan is 3.69 percent; • A $1.5 million recourse loan with Arleen Garfinkle Miller for the refinance of a 20-unit apartment complex at 1630 Pennsylvania St. in Denver. The five-year, fixed-rate loan is 3.71 percent; • A $1.42 million nonrecourse loan with Bear’s Fortress LLC for the purchase of a 20-unit apartment complex at 833 Dexter St. in Denver. The three-year, fixed-rate loan is 3.23 percent; • A $1.38 million recourse loan with Copper Ridge Apartments LLC for the purchase of a 24-unit apartment complex at 398 W. Powers Ave. in Littleton. The three-year, fixed-rate loan is 3.43 percent; • A $1.25 million recourse loan with 1671 Cook Street LLC for the refinance of a 17-unit apartment complex at 1671 Cook St. in Denver. The five-year, fixed-rate loan is 3.7 percent; • A $1.2 million recourse loan with Sapphire Place Apartments LLC for the purchase of a 21-unit apartment complex at 258 W. Powers Ave. in Littleton. The five-year, fixed-rate loan is 3.85 percent; • A $1.2 million recourse loan with Emerald Point Apartments LLC for the purchase of a 31-unit apartment complex at 368 W. Powers Ave. in Littleton. The three-year, fixed-rate loan is 3.48 percent; • A $1.1 million recourse loan with Petra Properties LLC for the refinance of an 11-unit apartment complex at 1326 Corona St. in Denver. The five-year, fixed-rate loan is 3.81 percent; • A $1.1 million recourse loan with Marion Street Apartments LLC for the refinance of a 15-unit apartment complex at 1301 E. 33rd Ave. in Denver. The three-year, fixed-rate loan is 3.5 percent; • A $1.05 million recourse loan with Asbury House LLC for the purchase of a 12-unit apartment complex at 4630 E. Asbury Circle in Denver. The seven-year, fixedrate loan is 4.15 percent; • A $1.02 million nonrecourse loan with La Tourelle Apartments LLC for the purchase of an eightunit apartment complex at 2727- 2737 E. 13th Ave. in Denver. The five-year, fixed-rate loan is 3.91 percent; • A $925,000 recourse loan with Moore Acquisitions LLC for the refinance of a 24-unit apartment complex at 137 W. Broadmoor Ave. in Littleton. The five-year, fixed-rate loan is 3.83 percent; and • A $606,000 recourse loan with 58th Place Apartments LLC for the refinance of an eight-unit apartment complex at 10204- 10214 W. 58th Place in Arvada. The five-year, fixed-rate loan is 4.4 percent.