WESTMINSTER, CO-Oak Grove Capital has arranged a $33 million Fannie Mae refinancing loan for the 444-unit Cascade Village apartments here. The property is owned by an investor fund and managed by the San Francisco-based Laramar Group.
The property was built in 1986, and includes 27 three-story buildings in a complex located just north of Denver. Amenities include an 80-seat movie theater, two swimming pools, and fitness and business centers. Rents run from $748 to $1,090 per month.
The 10-year fixed rate loan is full-term interest only, said Tim Leonhard, managing director at Oak Grove. “The combination of a strong sponsor, low leverage and a quality asset made Fannie Mae comfortable with the expiring fund as well as the full term interest only period,” he said in a statement.
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