Copper Ridge Apartment Homes, a 129-unit, garden-style community located in Louisville, has received $22.4 million in refinancing. Newmark Knight Frank (NKF) arranged the Freddie Mac, 10-year, fixed-rate refinancing.
Though the refinance application was submitted in December, the borrower decided to postpone the closing date to April 1, 2020, at which time there would be no pre-payment penalty on the existing debt. Despite the COVID-19 pandemic, which rapidly impacted markets, the transaction was completed remotely with teammates across the country.
“We were able to maintain a competitive rate for our client due to the uncertainty in the capital markets environment and, in fact, arrange for loan proceeds that were above the initial loan application,” said Williams. “We are pleased with the outcome in light of current events that brought numerous challenges to executing the refinance.”
The 1994-constructed asset received a complete renovation over the last six years with features including a clubhouse, 24-hour fitness facility, pool, courtyard with grills and business center. Copper Ridge is in Boulder County, eight miles from downtown Boulder and is prominently situated on McCaslin Boulevard, a main thoroughfare of Louisville featuring retail, restaurants, office space, grocery stores and direct access to the Denver Boulder Turnpike.
The financing effort was led by NKF’s Multifamily Capital Markets Executive Managing Director Charlie Williams of the firm’s Denver office.
Photo courtesy of NKF
