Brickstone Secures $49 Million Life Company Refinancing for Mountainaire in Boulder

Brickstone Partners, a full-service real estate investment and development firm headquartered in Nashville, Tennessee, has secured $49 million in refinancing for Mountainaire, a student-focused multifamily community in Boulder, Colorado.

Brickstone acquired the 270-bed property in 2022 and embarked upon a $15 million comprehensive renovation, essentially making the buildings like new.

"We have deep expertise executing unique and creative value strategies in constrained and challenging markets such as Boulder," said Daniel Otis, founder and principal of Brickstone Properties.

This is Brickstone's 10th investment in Boulder since 2008, totaling nearly $1 Billion of investments and recapitalization. They are one of the largest student-housing owners at the University of Colorado at Boulder and were also the original sponsor and co-developer of the GOOGLE campus.

"This refinancing is a continued substantiation in our ability to execute through the real estate cycle downturn," Otis said. "After absorbing more than 500bps of interest rate increases as well as significant operating expense growth, we were able to achieve a cash-out refinancing from a low-cost and long-term source of life company debt capital.  By targeting niche markets and executing value-add strategies, we're able to drive durable returns and cash flow through the various investment cycles. The recapitalization allows us to materialize our investment thesis on this asset and move on from a challenging macro-economic period, reinforcing our commitment to serving Boulder's students and residents while creating long-term value for our partners."

Brickstone Partners is a leading operator of student-focused multifamily housing in Colorado. Brickstone has invested more than $1 billion in Boulder and Fort Collins to date.