$60M in financing secured for Colorado multi-housing acquisition
JLL Capital Markets arranged the acquisition financing for the 300-unit Lodge on 84th near Denver, Colorado
DENVER, Dec. 13, 2021 – JLL Capital Markets announced today that it has arranged $60 million in financing for the acquisition of Lodge on 84th, a 300-unit, garden-style multi-housing community located in the Denver-area community of Federal Heights, Colorado.
JLL worked on behalf of the borrower, CARROLL, to secure the four-year, floating-rate bridge loan with one one-year extension through a large insurance company.
Located at 1327 West 84th Ave. along the heavily trafficked 84th Avenue, Lodge on 84th offers convenient access to some of the Denver metro area’s top employment hubs, including Westminster, Downtown Denver, Interlocken Business Park and Boulder, all within a 25-minute drive. Lodge’s position in a highly accessible location that is relatively cost-effective provides consistent demand from working-class residents seeking easy access to Denver metro’s expansive employment and entertainment hubs.
“We were pleased to execute a smooth closing with the JLL Capital Markets debt team in Denver. The partnership led us to a new capital relationship for CARROLL. All parties were able to deliver on a quick timeline and seamlessly execute on the transaction,” said Max Fink, Director of Investments at CARROLL.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Directors Tony Nargi and Matt Steffen and Associate Kevin Barron.
"It was great to get another one done with CARROLL here in Colorado, and we appreciate the partnership," Steffen said.
"While the closing timeline presented challenges, working with great sponsorship from Max and the CARROLL team bolstered interest within the debt capital markets," added Nargi.
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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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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CARROLL
Founded in 2004 by M. Patrick Carroll, CARROLL has acquired over $7.8 billion of real estate, successfully exited over $4.3 billion, and developed and construction managed over $200 million on behalf of its institutional partners, private investors, and the sponsor’s own principals. CARROLL’s investment strategy utilizes its in-house capabilities to unlock value in properties perceived as underperforming and undervalued. Through proactive management, redevelopment, and specific submarket selection, the sponsor aims to generate attractive risk adjusted returns. The CARROLL team has made a conscious effort to become institutional in its execution, reporting, and communications with their clients, while maintaining the mindset of an entrepreneur. The sponsor studies trends makes quick thoughtful decisions, and continually recruits and hires the brightest minds in the business. All owned investments are held in individual limited liability companies. For further information, visit carrollorg.com.