Boulder flex property receives $13.34M loan for repositioning
JLL Capital Markets led the financing efforts for 2865 and 2885 Wilderness Place
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 29th 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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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 over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Element Properties
Element Properties is a privately owned, Boulder, Colorado-based full-service real estate development and investment company, focused on creating value for partners, stakeholders and community. Element targets urban-infill multifamily rental, for-sale condos and townhomes, affordable housing, office, and mixed-use opportunities in established and high barrier to entry markets with proven long-term demand drivers and a reputation for high quality of life.