$71.8M in capital secured for infill multi-housing development in Denver
JLL Capital Markets arranged the entire capital stack for Alloy Sunnyside
DENVER, Nov. 11, 2021 – JLL Capital Markets announced today that it has arranged $71.8 million in combined joint venture equity and construction financing for Alloy Sunnyside, a 209-unit, Class A, mid-rise multi-housing development with 2,400 square feet of ground-floor retail in Denver’s Sunnyside neighborhood.
JLL worked on behalf of the developer, Prime West, to arrange co-GP capital with Angelo Gordon and LP joint venture equity through a REIT and to secure construction financing from a national money center bank.
Once completed in early 2023, Alloy Sunnyside will consist of studio and one-, two-, and three-bedroom units averaging 731 square feet. Units will feature in-unit washer and dryers, LVT hardwood flooring, walk-in closets, stainless appliances, and private balconies. The community will offer on-site retail, structured parking, a community entertainment room, fitness center, outdoor pool and sundeck, terrace lounge, dog wash station, and parcel lockers. Prime West collaborated closely with the project’s neighbors and the city of Denver to create an inclusive community by providing 21 rent restricted units along with strategically programmed ground-level retail that complements the historic neighborhood. RATIO Architects will serve as the project’s architect and Catamount Constructors Inc. will perform general contractor services.
Situated at 4120-4158 North Jason St., the property is located on the corner of Jason Street and 42nd Avenue in the bustling Sunnyside neighborhood on the peripheral of the urban core of Denver. The Alloy Sunnyside is a half-block from the pedestrian bridge connecting to the 41st and Fox RTD Station, which connects riders to Union Station southbound and Olde Town Arvada, Wheat Ridge, and Westminster northbound. Adjacent to the popular Highlands, Berkeley and RiNo neighborhoods of Denver, Sunnyside has its own urban industrial features that set it apart. The area is highly accessible via automobile, commuter rail, bus, and bike as well as on foot. Parallel with the rail, and one-half block from Alloy Sunnyside, is a bike path providing access to Riverfront Park – a confluence of the Platte River and Cherry Creek trails. The property is situated just southwest of the convergence of Colorado’s two north/south and east/west arterials, Interstates 25 and 70.
The JLL Capital Markets Debt Advisory team that represented the developer was led by Managing Director Leon McBroom, Managing Director Mark Erland and Associate Will Haass.
“Alloy Sunnyside is a testament to investor and lender demand for well-located multi-housing opportunities developed by first-class sponsors such as Prime West,” McBroom said. “Alloy Sunnyside will provide needed housing to the supply constrained northwest submarket of Denver, and JLL is grateful for the opportunity to bring capital partners together to form the capital stack.”
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 best-in-class solutions for clients — whether investment sales and 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Prime West
Prime West has been a premier real estate developer in Colorado’s Front Range since 1981. From inception, the core philosophy of Prime West has remained the same: to develop best-in-class buildings with an emphasis on quality, reliability, and relationships. Over the past several decades, Prime West has completed over seven million square feet of commercial projects.
About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held limited partnership founded in November 1988. The firm currently manages approximately $44 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 550 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.