Grandbridge closes $44 million refinance loan for Fort Collins apts.

A $44 million first mortgage was secured by a 310-unit apartment community in Fort Collins.

Grandbridge Real Estate Capital recently closed a $44 million first mortgage secured by a 310-unit apartment community in Fort Collins. Grandbridge Birmingham, Alabama-based Senior Vice President William Silsbee originated the transaction for the Crowne at Timberline community.

Funding for the permanent, fixed-rate loan was arranged through one of Grandbridge’s correspondent insurance company lenders. The loan features a 10-year term, 30-year amortization and an initial period of interest only. The loan closed with an interest rate in the mid-3 percent range. Proceeds from the loan will be used to pay off the construction loan. Located at 2001 Rosen Drive, Crowne at Timberline features a mix of one-, two- and three-bedroom units as well as townhome units. The Class A community also features a media room, exercise room, business center, swimming pool and waterscape area, outdoor lounge area with fire pit and televisions.

Featured in CREJ’s December 20, 2017-January 2, 2018, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining the Colorado Real Estate Journal, Jennifer served as the assistant sports information director at Texas A&M-Commerce. She earned her bachelor's degree in broadcast journalism from the University of Colorado and a master's degree in education from A&M-Commerce. Jennifer enjoys spending time with her husband and son, learning the ways of being a hockey mom, sports, reading and baking.