Ziegler, in partnership with M&T Realty Capital Corporation, announced a $19.4 million Fannie Mae loan on behalf of Essex Communities to refinance the existing debt of Carmel Oaks. The 86-unit independent living community stands three stories tall and sits on four acres in Lakewood, Colorado (Denver MSA).
The 10-year, fixed-rate loan was structured at 75% loan-to-value with five years of interest-only payments, followed by 30-year amortization. The loan also carried a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital improvement expenditures and initial equity.
