$95M capitalization secured for Denver-area multi-housing development
JLL Capital Markets arranged both the construction loan and equity for the 355-unit Fitzsimons Apartments in Aurora, Colorado
DENVER, March 7, 2022 – JLL Capital Markets announced that it has arranged $95 million in debt and equity for the construction of Fitzsimons Apartments, a 355-unit, garden-style, Class A multi-housing development in Aurora, Colorado.
JLL represented the borrower, MGL Partners, to arrange the equity and construction financing for the multi-housing development. An institutional insurance company was selected as the equity limited partner, sharing MGL’s vision for the site. JLL also secured construction financing with a regional bank that was able to close quickly on the financing.
Consisting of eight, three-story residential buildings, Fitzsimons Apartments will feature studio, one-, two- and three-bedroom units. The medical focused programming package features HEPA air filters, blackout curtains, touchless faucets, quartz countertops, in-unit washers and dryers, nine-foot ceilings, walk-in closets, stainless steel appliances and an average unit size of 816 square feet. Community amenities will include a clubhouse, a club room, an outdoor pool with spa, a fitness center, bike storage, study rooms and a yoga/spin bike room.
Situated at the southwest corner of 13th Avenue and Peoria Street, the property is located one block from the recently redeveloped Fitzsimons Medical Campus, a 578-acre project with an anticipated annual economic output of over $11.5 billion and approximately 50,000 employees and students. The location of Fitzsimons Apartments will provide residents with convenient access throughout the Denver-Metro via main arterials Colfax and I-225 with optional light-rail connectivity from the Denver RTD station at Colfax and Potomac. Additionally, residents will be proximate to a variety of dining options along East Colfax as the area has the most condensed array of dining in the city, as well as retail options in the nearby Stapleton area.
The JLL Capital Markets Advisory Team representing the borrower was led by Managing Director Mark Erland and Director William Haass.
“It was a pleasure for JLL to work with a first-class developer like MGL Partners on their Fitzsimons Project,” said Erland. “Fitzsimons Apartments will serve the nearby medical community exceptionally well, providing much-needed attainable, luxury housing near the medical campus.”
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About MGL Partners
MGL Partners is a Denver, CO-based developer of multifamily rental housing within the market-rate, affordable, senior and workforce sectors. Since 2004, MGL has developed or redeveloped some of Colorado’s most successful multifamily communities, and currently has over $500,000,000 (cost basis) of new product under construction or in its pre-construction pipeline.