Financing arranged for new infill multi-housing development near Denver
JLL Capital Markets arranged a loan to develop the The Charles Denver West in Golden, CO
DENVER, Oct. 18, 2021 – JLL Capital Markets announced today that it has arranged a construction loan for the development of The Charles Denver West, a 230-unit, Class A, multi-housing community in the Denver community of Golden, Colorado.
The Charles at Denver West will comprise one-, two- and three-bedroom units averaging 972 square feet. The apartments will include nine to 10 foot interior ceiling heights in all units, top interior finishes and fixtures, condominium spec acoustical designs, controlled access to all buildings, garages and amenities, large open swimming pool with jacuzzi spa. The community will offer a leasing office, clubhouse, fitness center with dry saunas, swimming pool with spa, barbeque areas, dog park and controlled access.
The site is situated on 7.92-acres backing up to South Table Mountain, just north of Interstate 70 off Denver West Parkway. The Charles Denver West is strategically located at the convergence of four major highways, Interstates 70 and 40, Colorado 470 and US Highway 6. Nestled in the foothills west of Denver, Denver West is a master-planned development offering residents superior access to major employment, retail, transportation and the mountains. Within minutes of the property, residents can access Denver West Village, the Denver West Business, the National Renewable Energy Laboratory, several major grocery stores and the Colorado Mills Mall, which includes numerous restaurants, theaters and other recreational activities. Current major employment sectors in the city include federal agencies, technology, medical device manufacturing, renewable energy, financial services, IT/software and more. The immediate west metro Denver region is also home to significant employment in advanced manufacturing and aerospace.
The JLL Capital Markets debt team that represented the developer was led by Senior Director Kristian Lichtenfels.
“Our JLL team was excited to have the opportunity to bring Greystone Group another great capital partner to expand the residential offerings in Denver West,” said Lichtenfels. “Our team has worked with the Greystone Group on multiple projects in the area over the last 12 years. The capital interest was very strong for the Charles, given the Sponsor’s excellent track record and the major supply constraints in this well-located and amenity rich western suburb of Denver. The competitive capital interest in new multifamily development provided the opportunity to script very favorable terms for the Greystone Group.”
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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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 jll.com.
About The Greystone Group
The Greystone Group was founded in Houston, Texas in 1978 by Walter Eeds and has established itself as an evergreen multifamily residential company by successfully adapting to ever-changing market conditions in diverse areas. With relentless focus on product quality, the company soon became one of the most successful real estate development and management firms in the Southwest. In the late 1980s, Greystone opened its offices in Newport Beach, California to expand its reach and capitalize on market trends. Today, through more than three decades of market cycles, Greystone has firmly established itself as one of the industry’s most prominent companies. The company and its principals have developed over 75 new luxury, multifamily communities throughout the Sun Belt.