News release

$101.3M financing arranged for new Denver-area industrial project

JLL Capital Markets arranged the loan to complete the North 25 development and refinancing the first phase of the project

April 21, 2022

Kimberly Steele

Industries, Work Dynamics and PDS PR
+1 713 852 3420

DENVER, April 21, 2022 – JLL Capital Markets announced today that it has arranged a $101.3 million loan to refinance and complete construction of 25 North, a 936,775-square-foot industrial complex with three newly constructed and six to-be-built buildings in the Denver-area community of Thornton, Colorado.

JLL worked on behalf of the borrower, a joint venture between two experienced industrial developers, Denver-based EverWest Real Estate Investors, LLC, and Invesco Real Estate, a global real estate investment manager, to place the 36-month, floating-rate, non-recourse loan with a multi-national bank.

The 25 North project is being constructed in two phases with state-of-the-art, modern specifications, including clear heights ranging from 28 to 32 feet, more than 200 dock-high doors, 34 drive-in doors, deep truck courts, abundant natural light via skylights and large windows, ample parking and ESFR fire protection. Fully leased, the Phase I warehouse and distribution buildings totaling 340,200 square feet were delivered between 2020 and 2021. Phase II will consist of six speculative warehouse and distribution building housing 596,575 square feet and is anticipated to deliver in 2022 and 2023.

Located within the North Denver Industrial submarket, 25 North is situated on 66.39 acres at 14821, 14902 and 14802 Washington Street and 14903, 14803, 14827, 14929, 14927 and 14915 Grant Street in Thornton, an amenity-rich community in the northern part of the Denver MSA. The property’s position just east of Interstate 25 and north of 144th Avenue provides tenants unmatched connectivity to the major thoroughfares in Denver, with just a two-minute drive to both E-470 and I-25. Tenants can reach downtown Denver and Boulder and Denver International Airport all within 24 minutes, and Fort Collins is only 35 minutes away.

JLL Research details how the U.S. industrial inventory is aging rapidly in its recent report on The Race for Industrial Space, and how, over the last five years, a competitive leasing environment has accelerated U.S. industrial rent growth by 37 percent. This had led to industrial owners having a greater ability to command a premium for rents. Additionally, JLL anticipates the imbalance of supply and demand will continue through 2023 and further exacerbate competition for industrial space.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Eric Tupler and John Rose and Associate Kevin Barron.

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 $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

About EverWest Real Estate Investors, LLC

EverWest Real Estate Investors, LLC, is a real estate investment management firm based in Denver, Colorado, with $4.3 billion in assets under management. EverWest applies decades of investment knowledge with one goal in mind: to create significant real estate value and generate superior performance for their investors. Their experienced team of investment professionals is uniquely positioned in markets where they invest. From acquisition, repositioning and development, to management and exit, EverWest is focused on delivering the results investors expect. They are an affiliate of Sagard, a leading global alternative asset management platform within the Power Corporation ecosystem.

About Invesco Real Estate

Invesco Real Estate is a global leader in the real estate investment management business with $91.8 billion in real estate assets under management, 582 employees and 21 regional offices across the U.S., Europe and Asia (as of December 31, 2021). Invesco Real Estate has been actively investing in core, income, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ;