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As market continues to surge, lenders flock to Denver-area properties
DENVER, July 13, 2017 – JLL's Capital Markets team announced the firm secured $21.5 million in bridge financing for Quebec Court. The loan was secured on behalf of The John Madden Company, the original builder of Quebec Court as well as a number other Class A office buildings in Greenwood Village, Colorado. The loan consists of a 79.0 percent loan-to-value with an 18-month interest only term and was used to pay off existing debt, finish construction and attract future tenants.
Managing Director Baxter Fain, along with Christina Grimme, led the JLL team on the financing.
"Quebec Court's newly renovated property and incredible location, combined with lowering interest rates and great sponsorship made this a highly sought after opportunity," said Fain. "Though the asset was 55% occupied, lenders were aggressive, provided cash out even though the asset is yet to be stabilized, thus showing that there is still great interest in this area."
Located off of Interstate 25, Quebec Court totals 136,000 square feet and offers tenants access to the area's main thoroughfare as well light rail and buses at the Orchard Station. The surrounding area includes retail amenities such as the Village Shops at the Landmark, Arapahoe Village shopping Center, the Greenwood Athletic Club and Fiddler's Green Amphitheatre. Along with local amenities, recent renovations have reinvigorated Quebec Court. The asset now features new elevators, lobbies, bathrooms, interior finishes along with a rehabilitated parking garage.
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.
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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 $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 has $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 http://www.jll.com/.
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