Northmarq’s Denver office arranges $46 million construction loan for 227-unit multifamily development

DENVER (July 8, 2024) — Northmarq’s Denver Debt + Equity team of Jeff DeHarty, senior vice president, and Carl Riggins, vice president, secured $46 million construction financing for Wadsworth Junction in Broomfield, Colorado. The three-building, 227-unit Class A apartment community will be developed on approximately 7.7 acres at 11495 Wadsworth Boulevard.

Northmarq arranged the financing on behalf of the developer, Blackburn Communities, through a regional commercial bank. The construction financing was structured on a 4-year interest only term with an extension option.

“We are thrilled to successfully originate construction financing for Blackburn Communities during a challenging capital markets environment,” said DeHarty. “Wadsworth Junction will feature a superior amenity package and provide residents with convenient access to employment and recreational opportunities along the U.S. Highway 36 corridor between Denver and Boulder.”

Wadsworth Junction will offer one-, two- and three-bedroom apartment homes averaging 967 sq. ft. Unit interiors will feature stainless steel appliances, granite/stone countertops, vinyl flooring throughout, in unit washer/dryer, walk-in-closets, and patios/balconies. Planned community amenities include a clubhouse with business center, fitness room and bike room. A resort style pool will include a spa with cabanas and grilling areas. Residents will also have access to covered parking, EV charging stations and an onsite dog park.