Northmarq’s Denver office completes $28.5 million refinance of Shores at McIntosh Lake in Longmont, Colorado

DENVER, COLORADO (March 29, 2022) – Northmarq is proud to announce that it secured permanent financing for The Shores at McIntosh Lake, a 280-unit multifamily community located in Longmont, Colorado. The long-term, fixed-rate, non-recourse loan featured a full-term interest-only period and was placed with one of Northmarq's correspondent life insurance company lenders. The loan featured a seven-month forward rate lock, which enabled the borrower to lock the interest rate in a more favorable interest rate environment, while allowing time for the prepayment penalty on their prior loan to burn off before closing.

The Northmarq team was led by Michael Salzman, Patrick O'Malley, and Jared Wiedmeyer. “This transaction demonstrates that life insurance company lenders can often do things that other capital sources simply cannot,” said Salzman. “The seven-month forward rate lock offered by the lender played a critical role in the borrower’s investment strategy.” The loan will also be serviced by Northmarq.

Community amenities include: Package service, laundry facilities, maintenance on site, furnished units available, recycling, online services, business center, clubhouse, storage space, conference room, fitness center, spa, pool, playground, walking/biking trails, gated community, grill and waterfront. Apartment amenities include: High-speed internet access, un-unit washer/dryer, air conditioning, heating, smoke free environment, cable ready, storage units, tub/shower, fireplace, sprinkler system and wheelchair accessible rooms available. 

With majestic views of the Rocky Mountains, Longmont provides a unique blend of rugged natural beauty and modern downtown living. The city is home to serval high-tech companies, an emerging arts community and a bustling restaurant/retail scene. Commuters benefit from its close proximity to Boulder, Denver and Rocky Mountain National Park, all located within 30 miles. The Shores at McIntosh Lake offers its residents three shopping centers within two miles, including: Hover Crossing (1.8 miles), Conoco Center (2 miles) and North Hover Centre (2 miles).