Urban Inc. Secures $24.5M Fannie Mae Refinance For 220-Unit Multifamily In Lakewood

The Heights by Marston Lake is a 220-unit multifamily apartment community located at 7929 West Mansfield Parkway in Lakewood, Colorado. The property secured a refinancing loan amounting to $24,500,000 through Fannie Mae, which is notable for being 98% occupied at the time of closing. The refinancing consists of a 10-year term with a fixed interest rate of 6.23% and features full-term interest-only payments.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $24,500,000
• Loan Type: Refinance
• Loan Terms: 10-year
• Interest Rate: 6.23%
• Occupancy Rate: 98%
• Lender: Fannie Mae
• Landlord: Urban Inc.
• Brokers: Vincent Punzi & Lowell Takahashi - Newmark

Newmark arranged the refinancing for Urban Inc., representing the landlord in this deal. The broker team involved, Vincent Punzi and Lowell Takahashi, played a key role in facilitating the transaction, ensuring that the financing terms aligned with Urban Inc.'s needs.