DENVER-The local office of Guarantee Finance recently financed two apartment complexes in northern Colorado for more than $36 million. The deals were in Loveland, CO and Greeley, CO.
Guarantee arranged a $17.49 million loan for the 222-unit Windsong Apartments in Loveland. Windsong is a HUD-insured 221(d)(4) new construction project that spans 13 buildings. The loan was a non-recourse, high-leverage loan with a 7.25% fixed rate. It was a combination construction and permanent financing that carries a 40-year term with a 40-year amortization.
The other loan was for $18.59 million in Greeley. The 224-unit T-Bone Ranch also is a HUD insured project. The terms for the T-Bone were identical to those at Windsong. The T-Bone includes 16 buildings.
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