$67M in construction financing secured to build The Cameron in Denver
JLL Capital Markets arranged the loan for the Class A, multi-housing development
DENVER, September 29, 2020 – JLL Capital Markets announced today that it has arranged $67 million in construction financing for The Cameron, a to-be-built, upscale apartment community located at 4545 E. Warren Ave. in Denver, Colorado.
JLL represented the developer, Cypress Real Estate Advisors (“CREA”), to secure the five-year, floating-rate loan with Pacific Western Bank.
Located near the Colorado Station RTD light rail stop, The Cameron development will be a five-story, 361-unit wrap property, consisting of 30 studio, 239 one-bedroom and 92 two-bedroom apartments, with thoughtfully designed interior features. In-unit amenities will include stainless-steel appliances, quartz countertops and spacious balconies, with select units featuring vaulted ceilings. Community amenities will be best-in-class and include a resort-style pool with cabanas and grilling stations, a two-story clubroom, courtyards, state-of-the-art fitness center, business café and an eco-friendly recycling and waste reduction program.
Led by Denver-based Principal Chase Hill and Development Associate Adam Wallace, CREA in partnership with Ben Hrouda of Flywheel Capital, will develop The Cameron on 2.94 acres as the first of a two-phase build-out plan upon a larger 5.35-acre assemblage.
Denver has been one of the fastest growing major cities in the country, with a population growth of 18% over the last decade. Denver is also recognized as a Millennial “boomtown” due to its vast employment opportunities and the city’s recent tech boom. Additionally, the Denver market has remained stable throughout the pandemic, with the multi-housing market outperforming the national averages in both collections and occupancy.
The JLL Capital Markets team representing the borrower was led by Managing Director Campbell Roche and Senior Managing Director Eric Tupler.
“We are excited to see this unique project become a reality,” said Roche. “Chase Hill and the CREA Team have done a phenomenal job of delivering best-in-class projects on great sites including their CIVIC Lofts community downtown and The Alcott in Jefferson Park. The Cameron will be another successful project capitalizing on its proximity to Colorado Station.”
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Cypress Real Estate Advisors
Since 1995, Cypress Real Estate Advisors (CREA) has built a solid track record of success with investors, residents, tenants and employees. Proficiency sourcing investment opportunities in markets with significant job growth, combined with nimble development, construction and management expertise has resulted in superior risk-adjusted returns to our investors, while simultaneously enhancing the communities where we live, work and raise our families.
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $26 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado. The Bank has 72 full-service branches primarily located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado.
Flywheel Capital is a Denver, Colorado-based, privately held commercial real estate investment company with a focus on creating value by sourcing and managing value add and stabilized assets across multiple property types geographically concentrated along the Front Range. Our strategic thesis lies in assets that have long-term upside, good location, and solid current cash flow. These core investment attributes reduce downside exposure and promote long- term capital stability and appreciation for investors.