Updated Dec 4, 2024
Blackburn Communities Secures $46M Construction Loan For Wadsworth Junction Development In Broomfield CO
11495 Wadsworth Boulevard
$46,000,000
Building Size
—
Asset Type
Development Site
Closing
Jul 12, 2024
About this deal
AI
The asset involved in this transaction is a development site located at 11495 Wadsworth Boulevard in Broomfield, CO, spanning an area of 7.7 acres. The property is intended for the development of Wadsworth Junction, a Class A multifamily complex featuring a total of 227 apartments, equipped with modern interiors and amenities such as a clubhouse, a resort-style pool, and an onsite dog park.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $46,000,000
- Loan Type: Construction Loan
- Loan Terms: four-year, interest-only
- Landlord: Blackburn Communities
- Brokers: Carl Riggins & Jeff DeHarty - NorthMarq
Northmarq has facilitated securing the $46 million construction financing specifically earmarked for Blackburn Communities, which is focused on the development of the multifamily property within the Broomfield market.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93