Northmarq’s Denver Debt + Equity team recently secured $46 million in construction financing for Wadsworth Junction in Broomfield. The three-building, 227-unit Class A apartment community will be developed on approximately 7.7 acres at 11495 Wadsworth Boulevard.
Jeff DeHarty, senior vice president, and Carl Riggins, vice president arranged the financing on behalf of the developer, Blackburn Communities, through a regional commercial bank. The construction financing was structured on a 4-year interest-only term with an extension option.
“We are thrilled to successfully originate construction financing for Blackburn Communities during a challenging capital markets environment,” said DeHarty. “Wadsworth Junction will feature a superior amenity package and provide residents with convenient access to employment and recreational opportunities along the U.S. Highway 36 corridor between Denver and Boulder.”
Wadsworth Junction will offer one-, two- and three-bedroom apartment homes averaging 967 square feet. Unit interiors will feature stainless steel appliances, granite/stone countertops, vinyl flooring throughout, in-unit washer/dryer, walk-in closets, and patios/balconies. Planned community amenities include a clubhouse with a business center, fitness room and bike room. A resort-style pool will include a spa with cabanas and grilling areas. Residents can also access covered parking, EV charging stations and an onsite dog park.
Blackburn Communities is an experienced multifamily development and management company with a proven track record of success. The company is currently active in Texas, Colorado, North Carolina, and Mississippi.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. The firm’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq introduces clients to expanded opportunities across all major asset classes.