News release

Denver multi-housing portfolio refinanced for $35.4M

JLL Capital Markets arranged the loan for the six-property multi-housing portfolio, 1967-1968 vintage owned by RedPeak Properties, LLC

October 25, 2021

Cierra Lacasse

Hotels & Hospitality and Capital Markets
+ 1602 648 8701

DENVER, Oct. 25, 2021 – JLL Capital Markets announced today that it has arranged a $35.4 million cash-out refinancing for a six-property, 209-unit multi-housing portfolio built between 1967-1968 and scattered throughout central Denver, Colorado.

JLL worked on behalf of the borrower, RedPeak Properties, LLC, to originate the 10-year, fixed-rate, full-term interest-only Fannie Mae loan. The all-in-rate of the 65 percent loan-to-value loan was sub-three percent. JLL structured a blanket mortgage on the scatter site portfolio in order to improve pricing and terms for RedPeak. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender and proceeds will be used to refinance the existing loan along with the capital expenditures spent on the renovation of all units.

Acquired by RedPeak in February 2019, the portfolio is scattered throughout central Denver with properties located at 1280 Lafayette St., 10 South Pennsylvania St., 899 Washington St., 960 South Logan St., 1360 Williams St. and 1402 Race St. The properties contain a mix of studio, one- and two-bedroom units that include dishwashers, wood-burning fireplaces, heat & air conditioning, electric stoves and patio/balconies. The communities feature rooftop patios with grills, controlled access, on-site laundry facilities, courtyards and picnic areas.

“The JLL team did an excellent job sourcing an optimal debt execution across this portfolio,” said Bobby Hutchinson, CIO at RedPeak.

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Eric Tupler and Managing Director Tony Nargi.

“RedPeak did an absolutely tremendous job in fully renovating these 1960s vintage assets and preserving very well-located, market-rate affordable housing in central Denver,” said Nargi. “JLL is thrilled to be involved in this financing with such a great local owner and operator.”

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 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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About JLL

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 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Redpeak Properties, LLC

RedPeak acquires, develops, and manages apartments in Denver and along Colorado’s Front Range. RedPeak is focused on a local, neighborhood-based strategy with a sole focus in the Denver area. With nearly two decades of investment experience and over $1 billion worth of multi-family assets along the Front Range, RedPeak has a long track record of success and expertise in owning, developing, and managing Denver based properties.