$99M in financing secured for luxury Denver apartment community
JLL Capital Markets closed the refinancing of the 282-unit The Fitzgerald in the LoDo neighborhood of downtown Denver, Colorado
DENVER, Nov. 14, 2023 – JLL Capital Markets announced today that it has arranged the $99 million refinancing of The Fitzgerald, a 282-unit, 11-story luxury apartment community in the LoDo neighborhood of downtown Denver, Colorado.
JLL represented the borrower, Greystar, to secure a floating-rate, three-year loan through Otera Capital.
Built in 2022, the studio, one- and two-bedroom units feature stainless steel appliances, quartz countertops, wood style flooring and an average size of 963 square feet. Community amenities include an indoor/outdoor fitness and wellness studio, an onsite retail collection, coworking spaces and private meeting rooms, pool deck and spa and a social lounge with BBQs, fire pits and TVs.
Situated at 1840 Market St., The Fitzgerald spans an entire city block between 18th Street and 19th Street and offers walkability to LoDo’s best shops, cafes, restaurants and entertainment. Within five minutes of the property are other popular neighborhoods, including Larimer Square, Union Station, LoHi, RiNo, Platte Street, Cherry Creek and the Golden Triangle. As a part of Denver’s Central Business District, The Fitzgerald is within a 1.5-mile radius of 1.8 million square feet of under-construction office space, and residents benefit from the over 161,000 jobs in downtown Denver. The property’s location also provides residents numerous nearby transit options, such as Denver Union Station, the free 16th Street MallRide, the central hub of RTD’s Light Rail System and the downtown Denver circulator bus. Additionally, both MacGregor Square Entertainment Complex and Coors Field, home of the Colorado Rockies, are within proximity of the community.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Charles Halladay, Jordan Angel and Andy Scott, Director Rob Bova and Associate Ethan Habecker.
“The Fitzgerald’s location, quality, and amenity offering created significant demand from lenders. Despite a higher interest rate environment, best-in-class borrowers, such as Greystar, have many options for financing high-quality housing projects. We are deeply grateful to Greystar for putting their trust in JLL to finance this asset for them and Otera for being a great partner,” said Angel.
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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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $280 billion of real estate in 241 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 822,100 units/beds globally, and has a robust institutional investment management platform comprised of more than $75 billion of assets under management, including nearly $32 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. For more information, visit www.greystar.com.