Glenwood Village Apartments.
Acquisition Finance Raised for Residential Complex
Cushman & Wakefield has raised acquisition debt and joint venture equity financing for a 48-unit apartment complex in Boulder, Colorado.
The purchase transaction for Glenwood Village Apartments at 2747 Glenwood Ct closed with an equity investment of US $11,000,000 and debt financing of US $7,000,000 with a 30-month term of interest only payments, a fixed coupon of 3.25 per cent and non-recourse.
Financing was arranged by a team from whose members included
Executive Managing Director of Cushman & Wakefield's Denver Equity, Debt & Structured Finance Group, Baxter Fain, who worked on the project with colleagues, Christina Grimme and Sarah Dinning, describes Glenwood Village Apartments as "a great value add purchase".
John Kirkland, owner-manager of the complex, adds: "This was an outstanding execution given the volatility and uncertainty of the period. This is an irreplaceable asset in the heart of one of the nation's highest value markets that had not traded for 45-years."