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| Fillmore Ridge Apartments, Colorado Springs, CO |
Colorado Springs, CO – Commercial real estate investment
banking firm George Smith Partners has successfully arranged $3.965 million in
financing on behalf of its client,
LocalConstruct, for the acquisition of Fillmore
Ridge Apartments, a 114-unit apartment community in Colorado Springs,
according to Vice President Jonathan Lee. Lee was assisted by George
Smith Partners analyst Shine Cheng.
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| Jonathan Lee |
“One of the major challenges in achieving financing for this
acquisition was the fact that our client was Los Angeles based, and had never
purchased a multifamily property outside of California,” explained Lee.
“Fillmore Ridge presented an excellent investment
opportunity in the Colorado Springs market, as the community has had consistent
occupancy rates and was substantially renovated. Because our client was new to
the local market our challenge was to find a lender willing to finance the
acquisition without local investment history from our client.”
The non-recourse $3.965 million acquisition loan closed with
an interest rate of 3.86 percent for 10 years, with a 30-year amortization and
a yield maintenance prepayment.
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| Shine Cheng |
Fillmore Ridge Apartments, situated on 4.5 acres in Colorado
Springs, consists of studios, one-, two- and three-bedroom apartments. The community recently underwent a
substantial renovation, with more than $1 million invested in exterior and
interior upgrades.
The property is located at 3210 North Chestnut Street in
Colorado Springs, the second largest metropolitan area in Colorado, and is
within El Paso County, which is the state’s most populated county. Due to its
large population, El Paso is one of the best performing submarkets in the metro
area, according to Lee.
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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