$10.25M financing arranged for West Denver multi-housing community
JLL Capital Markets secured the loan for the 47-unit Tennyson44 located in Denver, Colorado within the Berkeley neighborhood
DENVER, Feb. 15, 2023 – JLL Capital Markets announced today that it has closed the $10.25 million permanent financing for Tennyson44, a 47-unit, mid-rise apartment complex located in the West Denver neighborhood of Berkeley.
JLL represented the borrower, Highlands REIT, to secure the seven-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Constructed in 2018, Tennyson44 features units with stainless steel appliances, quartz countertops, in-unit washers and dryers, designer cabinetry, hardwood flooring and high ceilings, and select units offer walk-in closets and private balconies/patios. Community amenities include two rooftop patios, outdoor seating and firepits, a pet spa, a heated indoor parking garage and a community lounge.
Situated at 4390 Tennyson St., Tennyson44 provides residents incredible walkability to the restaurants, bars and shops along Tennyson Street. The location offers convenient connectivity to downtown Denver in less than five minutes and easy access to I-70 and the mountains.
The JLL Capital Markets Team was led by Managing Director Tony Nargi.
“Highlands REIT took advantage of recently declining interest rates and Fannie Mae’s rate buy-down program to lock in a very attractive interest rate, maximum proceeds and maintain full-term interest only. JLL is thrilled to be involved in the financing of this exceptionally located, Class-A property for a terrific owner operator,” said Tony Nargi.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Highlands REIT
Highlands REIT is an independent, self-advised, non-traded real estate investment trust with investments in Colorado, California, Florida, Illinois, Michigan, Minnesota, Ohio and Pennsylvania.