Colorado workforce housing development moves forward with $9.95M in financing
JLL Capital Markets arranged the construction financing for the 50-unit Fireside Apartments in Winter Park, Colorado
DENVER, Dec. 2, 2021 – JLL Capital Markets announced today that it has arranged $9.95 million in financing for the development of Fireside Apartments, a garden-style multi-housing community totaling 50 workforce housing units in Winter Park, Colorado.
JLL worked on behalf of the borrower, a joint venture partnership between Consolidated Development Partners and MRE Capital, to secure the construction loan through Great Western Bank.
Due for completion in March 2023, Fireside Apartments will be located on the southeast corner of Kings Crossing Road and Wolf Park Lane at 200 Baker Dr. Winter Park is world renowned as a winter sports destination that brings one million visitors annually.
The project team partnered with the Town of Winter Park to create a unique, newly built, garden-style workforce housing property. The project will feature a mix of one- and two-bedroom units that have rents restricted at 80, 100 and 120 percent of AMI.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Director Rob Bova.
“Fireside Apartments is a unique project that really serves the needs of the local community,” Bova said. “Consolidated Development Partners and MRE Capital did an excellent job working with the Town of Winter Park. Great Western Bank was an excellent partner to work with and understood the unique nature of the project.”
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 $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 Consolidated Development Partners
Consolidated Development Partners (CDP) is a Kansas City-based real estate development and advisory firm. The principals of CDP have had extensive experience in the planning, design, construction and management of a wide array of development projects in Kansas City and other Midwestern
communities. New construction experience includes infill retail, residential and commercial projects ranging from downtown, urban settings to inner-ring suburban locales. The team has over $200 million in work completed.
About MRE Capital
MRE Capital, LLC is a firm that develops, invests and consults in business and real estate transactions through full ownership, joint venture and consulting opportunities. From site/building selection, financial projections, financing, tax credit structure and negotiating public finance packages to the design, construction, closing and leasing, MRE Capital’s professionals excel in taking projects from concept to completion. MRE Capital is an opportunity driven firm that is not limited by location, structure or property type. The firm’s flexible platform allows us to evaluate multiple opportunities and invest our time and resources in only those projects with the highest potential for success. MRE Capital’s focus on tax credit transactions enable them to create low leverage, high quality developments in any market cycle.
About Great Western Bank
Great Western Bank is a full-service regional bank focused on relationship-based business and agribusiness banking. Great Western services its customers through more than 170 branches located in nine states: Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. Great Western Bank offers small and mid-sized businesses a suite of financial products and a range of deposit and loan products to retail customers through several channels, including the branch network, online banking system, mobile banking applications and customer care centers. Great Western Bank is a wholly owned subsidiary of Great Western Bancorp, Inc. (NYSE: GWB). To learn more about Great Western Bank visit greatwesternbank.com.