Summit Capital Management Completes Financing on 104-Class A Apartments

For Rent sign - generic graphic
For Rent sign - generic graphic(Source: WAFF)
Published: Sep. 22, 2022 at 11:44 PM CDT
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CHEYENNE, Wyo. (Release) - Summit Capital Management LLC (SCM) via SCM RE Fund I LP, completed bank financing on a new 104-unit Class A, upscale, market rate, a multi-family garden-style apartment complex in the Saddle Ridge neighborhood of Cheyenne, Wyoming. The $27 million project will help solve the ever-increasing demand for housing in the City of Cheyenne and the surrounding area. Mayor Patrick Collins praised the project stating, “Every day I’m reminded how great this city is by the people who work here and the companies that invest in our community. It has been my hope to find a solution to our housing shortage and Summit Capital Management has answered our prayers.”

Phase 1 of the project will be 104 units, 3 story garden style featuring an architecturally aesthetic exterior in a nod to the high-end homes in the surrounding neighborhood. It will offer substantial one and two-bedroom apartments ranging from 710 square feet to 1,204 square feet – some of the largest in Cheyenne. All units will feature top-of-the-line finishes, including upscale fixtures, plank flooring, quartz countertops, stainless steel appliances, large glass-enclosed showers, tile backsplashes, tankless water heaters, Nest thermostats, etc. Additionally, there will be 64 oversized garages, that can accommodate full-size pick-up trucks and a selection of units equipped with electric vehicle charging stations.

“We’re excited to see construction well underway on SCM’s first development in Cheyenne,” said Andrew Cronin and Karl Nembach, SCM’s Managing Partners. “Cheyenne is poised to continue to grow significantly over the next decade. Demand for Class A multifamily is strong, and very much needed. Saddle Ridge Apartments Phase 2 is also in the works for next year – adding an additional 116 units – and bringing our total Saddle Ridge project to 220 units. We anticipate more to come over the next seven years, increasing SCM’s portfolio to over 1,000 Class A units by the end of the decade.”

Financing for Saddle Ridge Apartments (Phase 1) was provided by First Interstate Bank. Construction is already underway with anticipated delivery starting August/September of 2023.

About SCM: Launched in 2021, Summit Capital Management has assembled a group of talented and experienced managers, along with a team of highly qualified builders, engineers, and architects to build properties that bring our clients’ unique investment opportunities and excellent returns. Our approach is to work strategically to find and develop distinctive properties that provide value to the City, the community, our investors, and to the people who live there.

For general inquiries, call (307) 459-2325.  For investor relations and inquiries, call (307) 448-2262.