Boulder flex property receives $13.34M loan for repositioning

DENVER – November 24, 2020 – JLL Capital Markets announced today that it has arranged $13.34 million in financing for 2865 and 2885 Wilderness Place, two single-story flex buildings totaling 45,345 square feet in Boulder, Colorado.

JLL worked on behalf of the borrower, Element Properties, to secure the three-year, non-recourse, interest only, acquisition/bridge loan with a national bridge lender. Loan proceeds were used to acquire the property and fund a planned renovation and repositioning.

2865 and 2885 Wilderness Place are located in the heart of Boulder’s Transit Village on 2.8 acres. The properties benefit from immediate access to the Goose Creek Path, providing a range of options for dining and shopping at The Boulder Commons and the 29^th Street Mall, among others. Additionally, the property is 28 miles north of downtown Denver and approximately 42 miles northwest of the Denver International Airport.

The properties will be repositioned from flex space into Class A creative office or life science space featuring high ceilings and an above market 2.8 per 1,000 SF parking ratio. Element Properties, the borrower, also developed the nearby S’PARK project, which includes approximately 350 residential units, 100,000 square feet of Class A office space and 40,000 square feet of retail and restaurant space.

The JLL Capital Markets team representing the borrower was led by Senior Directors Leon McBroom and Kristian Lichtenfels.

“Boulder remains a competitive destination for office tenants seeking a high-profile address with access to Boulder’s major demand drivers, amenity base and the University of Colorado, a world-renowned research campus,” McBroom said.

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 sales 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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