Northmarq completes sale and financing of Fireside Apartments in Colorado Springs, Colorado

DENVER, COLORADO (December 15, 2021) – Northmarq’s Colorado Multifamily Investment Sales team of Alex Possick, Rich Ritter, and Seth Gallman arranged the $20,500,000 sale of Fireside Apartments on behalf of Blueline Equity. The company’s Phoenix team of Brandon Harrington, Bryan Mummaw and Tyler Woodard, arranged the acquisition financing of $16.25 million through a national balance sheet lender for the buyer, Clear Capital.

The 108-unit multifamily property, built in 1971, is located at 610 North Murray Boulevard in Colorado Springs, Colorado. Northmarq represented both the buyer, Clear Capital, and the seller, Blueline Equity Partners.

“The property is an exceptional value-add opportunity with over 90% of the units unrenovated,” said Ritter. “The buyer is well-positioned to implement in-unit and community enhancements, supported by the future economic growth of Southeast Colorado Springs’ high-growth industrial and aviation corridor.”

“Given the value-add enhancements of the business plan, the borrower entrusted Northmarq to survey the debt fund markets on their behalf to find the most accommodating structure to meet the business objectives.  After many rounds of negotiations, the Northmarq team delivered a compelling sub 3.15% all-in rate at 75% of purchase plus 100% of the Capital Improvement Budget,” said Mummaw.