Greystone has provided a $34.4 million construction loan under the HUD 221(d)(4) program for the $40.5 million development of Aspen Hills Apartments, a 180-unit multifamily community to be located in Commerce City, CO. The transaction was originated by Kelley Klobetanz, Managing Director at Greystone on behalf of Southwestern Property Corp.
Aspen Hills will consist of six three-story residential buildings, containing 90 one-bedroom apartments in 3 different layouts, 72 two-bedroom apartments in 3 different styles and 18 three-bedroom apartments of a single type. Amenities at the property will include a swimming pool, detached garages, a business center, BBQ grills, a clubhouse/recreational building, fitness center, dog wash and dog run. The 40-year fully amortizing non-recourse financing includes a 21-month interest-only period while construction is completed, and at a low, fixed interest rate below 3%.
“The Denver submarket of Commerce City is poised for a surge in occupancy, and we are committed to delivering larger and more spacious units to fit the lifestyle of today’s evolving renter,” said Mark Campbell of Southwestern Property Corp. “As our financing provider, Greystone not only shepherded us through the complex HUD financing process, but Kelley and her team’s in-market knowledge proved invaluable as we worked together on the success of this deal.”
“The demand for multifamily in Denver and surrounding markets is growing, and Mark and his partner Jackson Givens are committed to providing high quality housing to local residents,” said Ms. Klobetanz. “What a pleasure it has been to work on an exciting new construction project that is permanently financed for 40 years at such a low rate. With this loan in place, the sponsors are truly set to focus on completing the project.”
“We are very excited to start construction on the Aspen Hills Apartments after two years of hard work,” said Mr. Givens. “We appreciate the diligence and effort from Kelley and the entire team at Greystone. They are very professional top to bottom and presented a great package to HUD.”