Construction is set to break ground soon on Solace at Cimarron Hills built by Jackson Dearborn Partners (JDP). The 346-unit multifamily project in Colorado Springs will total roughly 366,440 rentable square feet and will consist of ten separate buildings. A clubhouse/fitness facility with a pool and leisure facilities such as a lounge/bar, spa, locker rooms, and hot tub, as well as a fire pit and an outdoor kitchen, will be included in the new construction. The 28.8-acre site is ideally located on the east side of Colorado Springs’ rapidly growing MSA along Powers Boulevard, a high-volume arterial that connects the project to an abundance of retail 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 construction finance from Black Bear Capital Partners (BBCP), a real estate financial advising business and part of Black Bear Asset Management. A balance sheet lender supplied the $51.7 million loan, which had an attractive financing level of 75 percent loan-to-cost (LTC) and interest-only payments for the duration of the term. Sub 4 Property Company, Jackson Dearborn Partners’ construction arm, will construct this market-rate multifamily development. The Solace at Cimarron Hills project is expected to be finished in early 2023.
Commentary on Solace at Cimarron Hills
“We are delighted to have placed the multifamily construction loan, which had a significant level of proceeds for the borrower and exceptionally attractive loan terms,” “We are thrilled to be a part of our client’s expansion in Colorado Springs,” said Raymond Zanca of BBCP, who organized the financing package on JDP’s behalf, adding that all parties worked hard to close the new funding. According to Zanca, BBCP was able to develop a very advantageous and flexible structure commensurate with the borrower’s specific business strategy by utilizing the unrivaled design elements as well as the locational qualities of Solace at Cimarron Hills.
