DALLAS (November 28, 2016) – NorthMarq’s Dallas-based regional office arranged the $96.3 million refinance of Ashford Belmar, a 512-unit multifamily property located at 7301 West Ohio Avenue in Lakewood, Colorado. The transaction was structured with a 7-year term with 2-years of interest only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. NorthMarq was able to secure a cash-out Freddie Mac refinance at great terms for the borrower using Freddie Mac’s new Green Up Program. The borrower excelled in their strategy to create value from this beautiful community with amenities unlike any other property. This loan allows them to further invest in resources to improve the efficiency of the property providing benefits to the environment as well as utility cost savings to their tenants.
Located near downtown Denver, the property benefits from its close proximity to Belmar Park, the Lakewood Cultural Center and the Belmar Shopping District—all made accessible by the available on-site bike rentals for residents. Community amenities include: 24-hour emergency maintenance, athletic club, BBQ/picnic area, bus route, business center, covered parking, detached and attached garages, entertainment theatre, expansive clubhouse, fire pit, game room, group exercise, an indoor driving range, light rail access, an Olympic indoor pool, recreation room, sauna/spa/hot tub, dog spa, tanning beds, a Wi-Fi Care and a Yoga Studio. Apartment amenities include: air conditioner, art niche, ceiling fan, dishwasher, disposal, energy-efficient appliances, extra storage, fireplace, high ceilings, life style apartments, modern kitchens, microwaves, pantry, private deck or patio, refrigerator, skylight, extensive upgrades throughout, walk-in closets and a washer and dryer.