Wednesday, August 1, 2012

Essex Financial Group closes $7.8 Million loan

Mike Jeffries and Cooper Williams of Essex Financial Group recently closed a $7.8 million refinancing for the 204-unit Golden Nuggets Apartments at South Broadway and West Belleview Avenue in Englewood.

Morton Associates, a limited partnership, has owned the building for more than 40 years and had an existing loan with Fannie Mae.

Although the property has experienced significant occupancy and rental rate growth in recent months, agency-underwriting rules prevented the owners from achieving the necessary loan proceeds to retire the existing loan.

Essex structured the new financing through a regional bank that relied on current economic conditions to support the new loan.

The new five-year loan equates to $38,235 per unit and is amortized over 30 years. It improved Morton’s monthly cash flow and provides the ability to fund additional improvements.

Sanford K. Metzel, manager and operator of the property through SKM Management Co., has renovated 40 percent of the units and anticipates having 90 percent of them renovated within the next 18 months.

Tuesday, March 2, 2010

Essex Financial Group closes $4.7 million apartment loan

Essex Financial Group recently arranged a 4.7 million loan to refinance a Littleton Apartment property. Mike Jeffries and Alyssa Clarke of Essex Financial Group arranged the loan for Tiburon apartment property, and 83-unit community located at 700 W. Belleview Avenue.

A correspondent life insurance company funded the loan, which includes an interest rate into 6% range with a five-year term amortized over 25 years, according to Essex Financial. As well, the loan was funded at 61% loan to value.

The apartment owner, SKM Management headed by Sanford K. Metzel had an opportunity to pay off the existing loan approximately 18 months prior to maturity without the contractual prepayment penalty, explained Jeffries, noting it was able to commit and close the loan prior to the expiration of this option after several banks failed to come through.

SKM Management, a local group, was the borrower. Tiburon Apartments comprises eight buildings of 64,184 square feet. Constructed in 1999 Tiburon Apartments was 92% leased at the time of the loans closing.

Wednesday, December 30, 2009

Colorado Apartments - What to Look For When Renting An Apartment in Colorado

There are some steps to take when looking for Colorado apartments, or when looking to find the right apartment anywhere you may want to live. The first step is to sit down with your spouse or partner and hammer out what you want in the ideal apartment. First start with the basics, how many bedrooms you want, and bathrooms. What appliances are you looking for? A dishwasher, maybe a washer and dryer, or at the very least hook ups for them. How big do you want the closets in the rooms, and don't forget extra storage. Do you have your own furniture, or do you need an apartment that is also furnished?

Then there are amenities that you may be looking for in Colorado apartments. One of the major concerns faced by renters is what floor you will be living on. If you have a disability that requires a wheel chair, or if you have other problems with mobility, then you want one that is on the ground floor, with a wheel chair ramp if necessary. Are you going to want a deck or patio, and what kind of landscaping do you prefer. Do you want to have fantastic views of the mountains, one of Colorado's greatest treasures, or a good view of the city? One of the reasons you pick an apartment over buying a house is that you don't want to have to deal with all the routine maintenance a house requires.

If this is the case, then you want to look for Colorado apartments that have 24hour maintenance people. Even so, what kinds of things need to be covered like emergency services, landscaping care, and upkeep of things like laundry areas if provided, regular upkeep and winter care. Are they going to come in and replace appliances if needed, and what is covered, and what isn't. These are things you will want to write down separately, to ask potential landlords before renting.

When it comes to Colorado Apartments there are many apartments for rent, so you are going to have to do some researching online. There are so many different types to choose from, apartments, townhouses, and even apartment homes, that it can be frustrating. Take the time to really look at every apartment website, look at different floor plans, what other amenities they may offer. Maybe you are looking for one with a pool, or community center where there is a workout area, or recreation room. If you have children, what school district is the apartment in, and how close is it to a bus stop or the school itself? Is it close to shopping or entertainment avenues, like theaters, or sports activities?

There are many resources to help you. Some of the best ideas can be found on the internet, to help you find the right Colorado apartments for you. It may take awhile to find the one that is right for you, but having a list of your wants and needs will help reduce the stress and anxiety that comes along with finding the right living space. Make sure that which ever one you pick, you read all the fine print on any rental agreement, and what the maintenance staff covers before you sign anything.

For more information please visit Arvada Apartments