DENVER (January 7, 2015) – NorthMarq Capital’s Denver based office arranged a $2.475 million permanent loan for Main Street Apartments, a 50 multi-family unit property that is part of a mixed-use development located at 2310-2396 W. Main Street in Littleton, Colorado. The collateral for the loan consists of two buildings with units located on the second and third floors. The apartments are leased to qualified tenants, based upon 40 percent and 50 percent of their average median income levels.
Steve Bye, executive vice president/senior managing director and Mark Lindgren, investment analyst arranged the refinancing through NorthMarq’s correspondent relationship with a major life insurance company.
“The property was built under the tax credit program in 2000 although the affordable rent restrictions remain in place for approximately 15 more years. The collateral consists of a condominium regime, which is often a challenge for life company lenders,” said Bye. “We were able to achieve a loan-to-value threshold of 78 percent, as the property has demonstrated an occupancy history of nearly 100 percent over the past 15 years. In addition, the project is located in downtown Littleton with unique shops and restaurants and is one block from the FasTracks Light Rail Station.”