The purchase transaction closed with an equity investment of $11,000,000 and debt financing of $7,000,000 with a 30-month term of interest only payments, a fixed coupon of 3.25% and non-recourse.
Executive Managing Director, Baxter Fain, along with Christina Grimme and Sarah Dinning of Cushman & Wakefield in Denver handled the joint venture equity and debt financing.
“This was an outstanding execution given the volatility and uncertainty of the period. This is an irreplaceable asset in the heart of one of the nation's highest value markets that had not traded for 45-years. We are very excited about its potential and by our team's ability to continue to source, transact, and maximize the value of such unique opportunities," commented John Kirkland, Manager / Owner of Glenwood Village Apartments.
“We couldn’t be more pleased with our joint venture partners, our lender and our relationship with John. This is a great value add purchase for the team and it will be exciting to see it unfold in the coming months,” said Baxter Fain, Executive Managing Director of the firm’s Denver Equity, Debt & Structured Finance Group.