The NE Corner of Powers Boulevard & Galley Road in Colorado Springs, CO, has seen a recent multi-family construction loan transaction. Jackson Dearborn Partners, a landlord in the area, secured a construction loan for the ground-up development of Solace at Cimarron Hills. The project involves the construction of a 234-unit multifamily development.

Summary of transaction details

• Property Type: Multi Family
• Transaction Amount: $51,700,000
• Loan Type: Construction Loan
• Loan Terms: The loan was structured to finance 75% of the project's loan-to-cost (LTC) and includes interest-only payments for the entirety of the term.
• Landlord: Jackson Dearborn Partners
• Brokers: Raymond Zanca & Matthew Stearms from BlackBearCapitalPartners

Raymond Zanca and Matthew Stearms from BlackBearCapitalPartners served as the brokers in this transaction, representing the landlord's interests. The loan amount of $51,700,000 enabled the ground-up construction of Solace at Cimarron Hills to proceed, ensuring the successful realization of the 234-unit multifamily development.