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News release

Denver

Job, population growth fuel demand for Denver construction lending

JLL secures $31.8 million in construction financing for Alta SoBo station


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DENVER, June 12, 2017 –JLL's Capital Markets​ experts have secured $31.8 million in construction financing on behalf of a joint venture between Stockbridge and Wood Partners. The loan will be used for the development of Alta SoBo Station, a 187-unit, transit-oriented multifamily community located three miles from downtown Denver in the South Broadway submarket. Chicago-based MB financial Bank, N.A., provided the four-year, floating-rate loan.

Managing Director Baxter Fain led our team on the financing along with Christina Grimme, Associate.

"The city has undergone an immense transformation during this cycle with unprecedented population growth in the urban core and millennials moving to Denver at a steady pace year-over-year," said Fain. "Lenders have become incredibly selective for ground-up apartments, but capital is available to make high-quality projects like Alta SoBo Station happen."

Alta SoBo Station is located a half mile from Interstate 25 and a five-minute walk from the Alameda light rail station. It will provide residents access to both the Central Business District and Denver Tech Center, responsible for much of the city's 3-plus percent job growth in recent years. Since 2006, Denver's population has grown by more than 1.6 percent annually, more than double the national annual rate. Denver's unemployment rate remains just above 3 percent.

When completed, the building will feature community amenities such as a pool and hot tub, outdoor grilling areas, a game room, two-level fitness center and a bar area. Units will feature hardwood flooring, full-size washer and dryer, and a balcony or patio for every unit.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.