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DENVER, Dec. 21, 2017 – JLL's Capital Markets experts today announced the company secured construction financing for Ascent Apartments, a planned multifamily community for the new mixed-use development in downtown Westminster, Colorado. The financing, secured on behalf of the developer, Minneapolis-based Sherman Associates, includes a $50 million senior loan and $16.2 million in preferred equity from Everwest Real Estate Partners.
Managing Directors Baxter Fain and Ken Dayton led the JLL team on the financing.
"Multifamily product featured in mixed-use developments is extremely attractive to investors right now given tenants' desire for walkable neighborhoods and convenient access to retail, dining and entertainment options," said Fain. "The development in Downtown Westminster will completely revolutionize the city and establish Westminster, which is just 10 miles from downtown Denver, as a regional destination."
Downtown Westminster is a 105-acre site that is currently being developed into a mixed-use urban downtown in the heart of Westminster, Colorado. The community will comprise more than 2,000 residential units, 2 million square feet of office space, 750,000 square feet of retail and a 300-room hotel. Upon completion, Ascent Apartments will include 255 units, 25,000 square feet of ground floor retail, a fitness center, dog wash area, game room and two separate outdoor amenity decks that feature swimming pools, hot tubs and grilling areas.
JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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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 $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 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 ir.jll.com.
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