BMC Investments received a $26.4m loan from Freddie Mac for its acquisition of the Lakeview Apartments in Westminster, Colorado.
The 10-year (three years interest only) loan carries a 3.65% fixed-rate. BMC paid a reported $32m for the property, putting the loan-to-value at more than 82%.
The seller, Belgarde Enterprises of Minneapolis, paid just $4.4m for the property in 1993. The new owner plans to renovate and reposition the asset, with the intention of owning and managing it over the long-term.
The 504-unit garden-style apartment building at the intersection of West 68th Avenue and Lowell Boulevard is composed of 12 four-story buildings that stretch across 15 acres. Westminster is about 10 miles north of Denver, Colorado, the state’s capital city.
BMC owns and manages a 2,500 unit multifamily portfolio valued at more than $200m, along with more than $250m of planned development projects.
HFF arranged and will service the loan.