DENVER, CO– Commercial real estate investment banking firm George Smith Partners (GSP) has successfully arranged financing on behalf of its client, Bruckal Properties Inc., for the acquisition and rehabilitation of Wellshire Arms Apartments (top left photo), a 107-unit, upscale multifamily high-rise in Denver, CO, according to Vice President Malcolm Davies (lower right photo).
Davies was assisted by Vice President Michelle Lee in the transaction, which included $10.9 million in debt and $4.3 million in equity.
According to Davies, the financing George Smith Partners secured for its client funded not only the acquisition, but also extensive renovations, which Bruckal Properties will undertake in order to elevate the property to Class A status.
The senior, non-recourse loan closed at one-month LIBOR +575 with a 6.5 percent floor for 36 months, and included an amortization of 25 years with a two year IO and a 74 percent loan-to-close ratio.
Wellshire Arms Apartments is located at 2499 South Colorado Boulevard in Denver, CO. The 12-story, high-rise apartment complex contains 107 units featuring one-, two- and three- bedroom floor plans and ranging from 800 to 1,500 square feet.
For a complete copy of the company’s news release, please contact:
Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
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