Northmarq arranges $8.8M refinancing for Steel Canyon Apartments in Pueblo, CO
PUEBLO, Colo. — Northmarq's Denver Debt + Equity team led by Mark Jeffries arranged $8.8 million in permanent fixed-rate financing for Steel Canyon Apartments, a 100-unit garden apartment community located at 85 Scotland Rd. in Pueblo, Colorado.
Northmarq arranged financing on behalf of the borrower, Royal Plaza Apartments, LLC, through the firm's in-house Fannie Mae DUS platform. The transaction was structured on a seven-year term.
“By leveraging the asset’s strong performance post-renovation, we we’re able to provide 80% leverage at a low-5’s interest rate with a long interest-only period,” Jeffries said.
Built in 1970 and renovated in 2024, Steel Canyon Apartments offers studio, one- and two-bedroom floorplans across a well-maintained garden-style community. Units include renovated interiors with updated kitchens and bathrooms. Community amenities include a central courtyard with a swimming pool, outdoor picnic areas with grilling stations and on-site laundry facilities. The property is managed by Griffis Blessing, one of Colorado's largest multifamily property management firms.
Steel Canyon is situated near the intersection of Highway 50 and Highway 47 in northern Pueblo, within close proximity to Pueblo Mall, King Soopers, Walmart Supercenter and a range of dining and retail options. Colorado State University-Pueblo is also nearby, and the property offers convenient access to Interstate 25, connecting residents to Colorado Springs and the broader Front Range.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
