A recent deal from Colliers illustrates the appetite debt capital providers have for suburban multifamily assets amid the pandemic. The firm's debt and equity team secured a $42 million loan on behalf of the owners, a joint venture between A.D. Makepeace Company and Campanelli, for  Redbrook Apartments in Plymouth, Mass. The deal saw tremendous interest from lenders, according to the team, despite the challenging market conditions.

The joint venture development team began construction of the Redbrook Apartments in 2018, and completed the development over several phases with the final buildings coming to market in early 2020. The property was so popular, the developer completed stabilization by September, ahead of its initial schedule.

"Redbrook has outperformed expectations. The apartments have experienced continued rent growth and occupancy records, with the property being about 98% occupied right now, and with very little by way of concessions," Jeff Black, EVP and co-lead at Colliers, tells GlobeSt.com. Black secured the funding on behalf of the borrower along with co-chairman Kevin Phelan and assistant VPs Sean Burke and Bryan Koop. Interestingly, out-of-state renters leased a large number of units sight unseen.