$100MM in closed deals demonstrates continued national interest in Colorado
Deals demonstrate continued national capital markets focus on Denver
DENVER, April 17, 2019 – JLL’s Capital Markets team today announced the Denver finance team closed $104,415,717 in financing for projects in Denver during the first week of April 2019. JLL’s Denver Finance Team is comprised of Baxter Fain, Mike White, Ryan Zikas, Christina Grimme, and Maddy Stevenson.
“The perpetually strong interest in our City by lenders and equity partners will continue to grow our city, create jobs, and opportunities,” says Managing Partner Baxter Fain.
The deals are as follows:
Parkside at City Center
- Combined Debt/Equity Placement: $78,000,000
- Loan-to-Cost: 59%
- Lender: Bank/Equity Fund
- Term: 4 years
- Debt Placement: $35,415,717
- Loan-to-Cost: 65%
- Lender: Debt Fund
- Term: 3 years
- Debt Placement: $5,000,000
- Loan-to-Cost: 82%
- Lender: Bank
- Term: 20 years SBA note
The Parkside at City Center is a new, mixed-use development sponsored by NorthStar Commercial Partners that will feature 216 market-rate, multifamily apartments and 36,000 square feet of retail. JLL procured both the debt and equity for the $78.7 million transaction which closed April 2nd.
Trinity Place is a 17-story, 197,753 square-foot office tower in Denver’s Uptown Central Business District adjacent to the Brown Palace. The structured finance execution involved a significant earn-out mechanism created by JLL to facilitate repurposing of 35% of the building’s square footage into co-working space on behalf of purchaser Novel Coworking. This deal closed April 4 and is one of the $108M in transactions the JLL Denver Finance team has closed in the last six months with capital players funding deals in Denver for the first time.
Elevation Volleyball is a unique, purpose-oriented sporting facility to be developed in Englewood.
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 2018 alone, the firm’s 2,400 Capital Markets specialists completed nearly $180 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com