Essex Financial Group (“Essex”) secured two permanent loans totaling $29.25M for M. Timm Development, Inc. (“Sponsor”) for two of its multifamily properties. Both loans were sourced from the same prominent national life insurance company who provided a more competitive interest rate than both of the government agencies. The loans were rate-locked in September 2021 for a funding in February 2022. Both loans were low-leverage and featured full-term interest-only.
Grandview Meadows Apartments is comprised of 144 units across six, three-story buildings totaling 142,308 SF. The property represents Phase I of a four-phase multifamily development by the Sponsor, totaling 508 units. The property was built in 2001 and features a mix of 1, 2 and 3 bedroom units. The property includes a full set of amenities, including a clubhouse, pool, fitness facility, playground, and business center. The property is located on the western side of Longmont, CO, which has seen major growth, particularly due to rising costs of living in both Denver and Boulder. Essex sourced an $18M refinance loan for the stabilized property.
The second loan was for the 104-unit, Thompson Valley Apartments, located in Loveland, Colorado. Essex secured $11.25M to refinance the property. M. Timm developed the property in 2000, which features a mix of 1, 2 and 3 bedroom units. Thompson Valley Apartments is centrally located in Loveland, CO near Thompson Valley High School. Loveland, CO, once known as an agricultural town, has grown and diversified in recent years, particularly with the addition of manufacturing and healthcare job opportunities in the area.
The Essex Financial Group origination team was led by Alex Riggs and Blaire Butler. The loan will be serviced by Essex Financial Services, a $5B servicing platform also headquartered in Denver, CO.
About M Timm Development, Inc.
M. TIMM DEVELOPMENT is a developer of residential and commercial projects with 35 years of experience. Specializing in the development of quality apartment communities, M. Timm Development is the general contractor for all its projects and manages its commercial and apartment portfolio which includes projects in Colorado, Nebraska and California.