Colliers Structured Finance Group Makes $71M Fannie Mae Loan on Montana Multifamily

Roundhouse, a Boise-based developer, and its partner Kennedy Wilson have secured a $71.42 million Fannie Mae loan to refinance the Oxbrow, a 268-unit luxury, garden-style apartment complex in Bozeman, Mont. 

Colliers’ Los Angeles-based Structured Finance Group (SFG) was the delegated underwriting and servicing (DUS) lender for the full-term, interest-only Fannie Mae loan, which carries a 35-year amortization. The loan will retire existing construction debt and provide enough additional proceeds to fund the equity into the second phase of construction for the Oxbrow. 

Jonathan Lee, an executive managing director at Colliers, led the team that arranged the financing. Lee noted in a statement that Roundhouse locked in a 5.34 percent fixed interest rate on the loan.  

“This transaction is a great example of how our team structures financing solutions that are both creative and highly functional for our clients,” Lee said. 

Located at 4650 West Garfield Street in Bozeman, the first phase of the Oxbrow opened in 2023, and included a 2.6-acre public park. The apartment complex features one- to three-bedroom units and includes a fitness center, a cycling studio and yoga room, a golf simulator and a spa. 

The second phase of the development is expected to deliver 132 units and be completed by 2026. 

Casey Lynch, CEO of Roundhouse, praised the Bozeman market in a statment and added that sponsorship was especially pleased to close the permanent Fannie Mae financing that simultaneously secured second phase development capital amid “a volatile macro backdrop.” 

“Bozeman remains a critical market for Roundhouse, and we look forward to continuing to provide our residents with a premier living experience,” said Lynch

Brian Pascus can be reached at bpascus@commercialobserver.com