$12.99M loan secured to develop high-end 39Tenn apartments and retail
JLL Capital Markets assisted in securing the loan for the luxury multi-housing community in Denver’s premiere Berkley neighborhood
DENVER, August 19, 2020 – JLL Capital Markets announced today that it assisted in arranging a $12.99 million construction loan for 39Tenn Apartments, a 39-unit multi-housing and retail development located at 3870 Tennyson Street in the Berkeley neighborhood of Denver, Colorado.
JLL worked on the assignment on behalf of the borrower, Alpine Investments, to secure the construction loan with a Colorado-based bank.
The 39Tenn development will be a total of 36,278 square feet, consisting of 39 upscale units totaling 31,633 square feet sitting atop 4,645 square feet of retail space. The development is expected to be completed in late 2021.
Boasting a sophisticated, contemporary style, units will have high-end finishes, engineered hardwood flooring, quartz countertops, European-style solid-core cabinets with soft-close hardware, high-end appliances, energy-efficient LED lighting and efficient water-source heating and cooling systems in each unit.
With a Walk Score® of 92, the development is located in one of Denver’s most sought-after neighborhoods. The Tennyson Street corridor is a premiere entertainment district with various art galleries and retail options and has been recently acclaimed the “next hottest dining area,” due to its burgeoning restaurant scene. In addition to being an entertainment hotspot, the property is proximate to Denver’s largest employment centers, offering about 136,000 jobs, and positioned just five minutes from downtown. The population within a one-mile radius of the property is 22,181, with a 1.76% estimated growth rate over the next five years.
JLL’s Capital Markets team representing the borrower was led by Senior Directors Leon McBroom and Brock Yaffe.
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 Alpine Investments
Alpine Investments is a Denver-based real estate investment company focused on the acquisition, development, redevelopment and management of well-located office and multifamily properties in key high-growth areas. AI targets opportunities where thoughtful analysis, creative structuring, and superior execution will lead to the creation of strong cash flows and deliver attractive risk-adjusted returns for its investors.