The Garrett Companies Secures $45M Construction Loan From Wintrust Bank For Longmont Development Site

The asset involved in this transaction is a development site located at 245 Bountiful Avenue in Longmont, CO, intended for the construction of 224 apartment units. The project is part of a broader initiative with a focus on providing 12% income-restricted units and a range of extensive amenities. The total loan amount secured for the financing of this construction is $45,000,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $45,000,000
• Loan Type: Construction
• Lender: Wintrust Bank
• Landlord: Rob Martinson - The Garrett Companies
• Market: Longmont, CO
• Units: 224
• Completion Target: 2027
• Income-Restricted Units: 12%

The key individuals involved in this transaction include Rob Martinson, representing The Garrett Companies, who is overseeing the development project as the landlord. Wintrust Bank is providing the construction financing necessary to support the development of this apartment project, with completion anticipated in 2027.