Class A apartment community in Lakewood secures fixed-rate permanent financing
JLL Capital Markets arranged the refinancing for the newly built, 281-unit Traverse Apartments in Lakewood, Colorado
DENVER, April 6, 2023 – JLL Capital Markets announced today that it has arranged fixed-rate refinancing for Traverse Apartments, a newly constructed, Class A, 281-unit, luxury apartment community located within the Denver metro in Lakewood, Colorado.
JLL worked on behalf of the developer, a joint venture of Trailbreak Partners and Highland Development Company, to secure the fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Built in 2022, Traverse Apartments features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, in-unit washers and dryers, hardwood floors, walk-in closets and large windows. Community amenities include a rooftop terrace, direct light rail access, a clubroom with shuffleboard, bike storage and repair shop, lounge pool with private cabanas and spa, co-working lounge, EV charging stations, indoor and outdoor fitness space and an outdoor kitchen.
Situated at 5495 W 10th Ave. within the Two Creeks neighborhood, Traverse Apartments is located steps from Sheridan Station light rail stop and 14 minutes from Union Station via the light rail. The property is a few blocks from both Sheridan Boulevard, a major north-south arterial roadway, and from the 6th Avenue Freeway, Denver's largest east-west highway linking to I-70 and C-470. The community conveniently sits halfway between the Denver Federal Center and Downtown Denver, and I-25 provides a 20-minute drive to the Denver Tech Center and Southeast Business Corridor. Traverse Apartments is less than a mile away from Sloan's Lake, the largest lake in Central Denver, and is surrounded by ample retail amenities, such as Lamar Plaza, Edgewater Marketplace and Belmar Downtown Lakewood.
The JLL Capital Markets Debt Advisory team was led by Director Rob Bova.
“Traverse is an extremely well-built property, which translated to strong leasing performance after opening in the Q3 2022,” said Bova. “The combination of volatility in the interest rate environment and lease-up dynamic of the asset made the refinancing process intensive,” said Bova. “The Trailbreak team did a thorough, holistic analysis, including all financing options, and ultimately decided to move forward with fixed-rate financing through Fannie Mae.”
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Trailbreak Partners
Trailbreak Partners is a Denver-based real estate development and investment company. At Trailbreak, they leave no stone unturned. Trailbreak is meticulous in their approach to investing, constantly monitoring the market for projects that fit their diverse array of expertise and personal interests. From project inception through completion they execute with strategic oversight and methodical control in order to capture value for all stakeholders, every step of the way. Trailbreak Partners has completed and is currently working on over $1 billion worth of real estate development and investments. Their investment and syndication platform offer a wide array of capital sources that span hundreds of high net worth individual investors to family office and institutional capital sources.