DENVER—Centerline Capital Group of New York has provided a $33 million loan for the acquisition of Spyglass Hill Apartments, a multifamily property located in Denver. The transaction is a Fannie Mae market rate loan that will finance the acquisition of the property at a purchase price of $40 million.
Located at 7100 East Mississippi Avenue, Spyglass Hill Apartments is a garden-style multifamily complex that includes a total of 573 units housed in 31 two- and three-story residential buildings and a single-story leasing office building and single-story clubhouse.
The borrower is Spyglass 7100 LLC, a newly formed Colorado limited liability company that is an affiliate of BMC Investments, whose CEO is Matthew Joblon.
“BMC is an active investor in the local market with a solid track record for closing very quickly on deals and significantly improving asset quality upon acquisition,” said Suzanne Cope, SVP of Debt Originations at Centerline Capital Group. “Centerline has had great success partnering with this sponsor, having closed several deals together in 2012 and has great confidence in this deal. We were all thrilled to execute this Fannie Large Loan in only 28 days from start to finish.”
“We had a small window to close this transaction and knew we could count on Centerline to execute in the extraordinarily tight timeframe. They created true value for BMC in the transaction because of their ability to underwrite, understand and ultimately execute on the deal in the allotted timeframe – this secured the deal for us,” noted Joblon. “As we execute on our internal goal of creating significant scale both locally and in other states, we will continue to grow our relationship with Centerline.”