$50M financing arranged for luxury multi-housing development near Denver
JLL Capital Markets arranged a loan to develop the Polaris Wadsworth Station Apartments in Broomfield
DENVER, July 14, 2021 – JLL Capital Markets announced today that it has arranged a $50 million construction loan for the development of Polaris Wadsworth Station Apartments, a 276-unit, to-be-built, luxury, garden-style multi-housing community in the Denver-area community of Broomfield, Colorado.
With an anticipated completion date of January 2023, Polaris Wadsworth Station Apartments will comprise one-, two- and three-bedroom units averaging 869 square feet. Apartments will have in-unit washer and dryer, walk-in closets, smart unit package and balconies/patios. Community amenities will feature expansive courtyards, fitness facility, property-wide WiFi and other first-class amenities.
Situated adjacent to Denver Boulder Turnpike on the southeast corner of Wadsworth Boulevard and West 116th Avenue, Polaris Wadsworth Station Apartments is optimally located in the desirable city and county of Broomfield. The property’s location provides easy access to not only employment but also one of Metro Denver’s most prominent retail corridors. Residents of Polaris Wadsworth Station are minutes from seven million square feet of retail space located directly along the corridor, including Flatiron Crossing Mall, the Shops at Walnut Creek and multiple other major retail centers. The community’s location also provides a multitude of nearby dining and entertainment options at a variety of local shopping centers, including Westminster Promenade, Villager Square, Sheridan Crossing II and Broomfield Corners. In total, there is over 4.8 million square feet of retail within a three-mile radius of Polaris Wadsworth Station, providing residents with an abundance of shopping and dining options.
The JLL Capital Markets debt team that represented the developer was led by Senior Director Kristian Lichtenfels.
"It is always a pleasure to work with Kristian and his team at JLL,” said Jeff Sanders from Mountain View Capital. “They widely marketed the opportunity to construction lenders and negotiated excellent terms for Mountain View Capital's latest development. Polaris Wadsworth Station will be a great addition to our Front Range portfolio."
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 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Mountain View Capital
Mountain View Capital strategically acquires, repositions and develops multifamily and commercial real estate assets. Their current portfolio includes more than 1,700 apartment units in seven communities along Colorado’s Front Range. They strive to create long-term cash flows and significant value appreciation in every investment opportunity. Their strong relationships with skilled real estate professionals gives them a unique ability to achieve superior returns. That depth of experience also allows them to create exceptional value for residents who choose their communities as their home.