Los Angeles-based commercial real estate investment banking firm George Smith Partners arranged $41 million in financing for the 2016 sale of a 300-unit Colorado Springs apartment complex.
The firm arranged financing, which was provided by Maryland-based Walker & Dunlop, that covered roughly 75 percent of the $55.25 million sale of The Vineyards (4350 Mira Linda Point), a Class A property in north Colorado Springs.
“This structure is rare in the current financing climate,” GSP Principal Jonathan Lee said in a release announcing the financing arrangement. “Our client was seeking a long period of interest-only financing, however lenders were initially hesitant to agree to these terms.”
The firm was able to lock in a non-recourse loan at 4.31-percent “with a 12-year fixed rate at nine years interest only,” according to the release. The Vineyards is one of few Class A apartment communities in north Colorado Springs, according to Lee.
Find more information on the sale here.