Newmark announces the $47.4 million Freddie Mac refinancing of Encore Evans Station, a 224-unit, Class A+ luxury multifamily community in the South Broadway District in Denver, Colorado. The financing effort was led by Newmark’s Multifamily Capital Markets Senior Managing Director Tim Weldon of the firm’s Denver office.
The Freddie Mac refinance application was executed as the realities and implications of COVID-19 were being realized. Encore Evans Station delivered in 2018 and was acquired December of 2019. Considering the uncertainty in the coming months, Newmark worked with Freddie Mac to maximize underwritten cash flows to support maximum loan proceeds.
“This execution epitomizes the depth and power of the Newmark platform. Vice Chairmen Shane Ozment and Terrance Hunt represented the seller in the sale of Encore Evans Station in late 2019,” said Weldon. “The team at Treeline Multifamily Partners are some of the smartest and savviest sponsors that I’ve had the opportunity to work with thus far. They and the professionals at Freddie Mac met every twist and turn we encountered with a can-do attitude. It truly was a team effort and collaborative process.”
“Tim Weldon and the team at Newmark went above and beyond our expectations, executing the Encore Evans Station refinancing during the midst of the COVID-19 crisis,” said Peter Wiechecki, CFA, Principal at Treeline Multifamily Partners. “They worked diligently to keep us informed of the ongoing changes in the financing markets, and their effort and collaboration resulted in a great financing execution for our partnership.”
Encore at Evans Station’s best-in-class interior finishes include quartz countertops, custom cabinetry, undermount sinks in kitchens and bathrooms, vinyl wood plank flooring throughout and pendant lighting. The property also features a resort-style pool and spa, state-of-the-art fitness center, flex yoga and spin studio, indoor dog wash, bike repair shop, business center and clubroom.
The property is in the Platt Park neighborhood of Denver’s South Broadway District–home to cutting-edge office product and an eclectic mix of shops, bars, restaurants and music venues. Four blocks away from Encore at Evans Station is the RTD Evans Light Rail Station, providing access to Denver’s major employment and entertainment centers.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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