APARTMENT REFI URGENCY
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|A recent $25M refinancing for a Littleton apartment complex is part of a “sense of urgency” among landlords to shape up finances before the new year. (Missed out on a Wii U? Refi your building and throw that in a stocking.) KeyBank Real Estate Capital’s Multifamily VP Charlie Williams tells us low interest and cap rates have allowed owners to get better terms on new loans. “Most borrowers are anxious to get rates locked in as soon as possible, therefore the sense of urgency is very similar to that of a purchase transaction,” he says. Charlie secured a 10-year Freddie Mac loan for owners of Columbine Meadows, Ken Caryl Wadsworth Development Co. The 77-unit complex is 98% leased. As for concerns on overbuilding in Denver, Charlie tells us: “The reality is that many of the projects in the planning phase will not get done. Construction lenders are still being very selective.”|