The groundbreaking ceremony for Solace in Cimarron Hills, which was built by, is due to take place shortly Jackson Dearborn Partner (JDP). The multi-family project with 346 units in Colorado Springs will have a total rental area of around 366,440 square meters and consist of ten separate buildings. A clubhouse / fitness facility with pool and leisure facilities such as lounge / bar, spa, changing rooms and whirlpool as well as a fireplace and an outdoor kitchen will be included in the new building. The 28.8 acre site is ideally located on the east side of Colorado Springs’ fast growing MSA along Powers Boulevard, a high volume thoroughfare connecting the project with an abundance of retail stores to the north and two of El Paso County’s economic drivers to the south , Peterson Air Force Base and Colorado Springs Municipal Airport.
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JDP received $ 51.7 million in home financing from Black Bear Capital Partners (BBCP), a real estate financial advisory firm and part of Black Bear Asset Management. An on-balance sheet lender provided the $ 51.7 million loan, which had an attractive 75 percent loan-to-cost (LTC) level and pure interest payments for the term. Sub 4 Property Company, the construction division of Jackson Dearborn Partners, will build this apartment building at market prices. The Solace at Cimarron Hills project is expected to be completed in early 2023.
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“We are delighted to have placed the multi-family home loan, which offers the borrower substantial proceeds and exceptionally attractive loan terms.” BBCP, who organized the financing package on behalf of JDP, added that all parties worked hard on the complete new funding. According to Zanca, BBCP was able to develop a very advantageous and flexible structure to suit the specific business strategy of the borrower by taking advantage of the unrivaled design elements and location qualities of Solace in Cimarron Hills.
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