JLL arranges $60.3M financing for Denver apartment complex
Loan proceeds are being used to retire construction financing
DENVER, November 7, 2019 – JLL announced today that it has arranged a $60.3 refinancing for Edison at RiNo, a newly constructed, 277-unit multi-housing complex in Denver’s RiNo neighborhood.
JLL worked on behalf of the borrower, Clarion Partners, LLC, to place the seven-year, 3.05%, fixed-rate loan with an insurance and financial services company. JLL will service the loan, proceeds of which will be used to retire the existing construction loan.
With striking architectural design that pays homage to RiNo’s industrial roots, Edison at RiNo was completed in 2018 and offers views of both the mountains to the west and the Denver skyline to the east. The nine-story building houses six stories of high-end residencies over a three-story podium and deluxe, ground-floor townhomes. The interior finishes feature quartz countertops, modern cabinetry, soft-close drawers and cabinets, solar shades, walk-in showers, polished chrome fixtures, glass backsplashes, NEST thermostats and USB ports. Building amenities include a state-of-the-art fitness center, infinity pool with views of downtown and private cabanas, pool lounge and club area, two resident lounges, ski storage, bike storage and repair room, covered parking and a dog washing station.
Situated on 1.81 acres at 3063 Brighton Boulevard between 29th Street and 31st Street, Edison at RiNo is just north of downtown Denver in the niche, mixed-use, live-work-play RiNo neighborhood and less than one mile from the 38th and Blake light rail stop, which connects users to DIA and Union Station. The property is within walking distance to area demand drivers, including Coors Field; Pepsi Center; Larimer Square; and South Platte Trail, which is part of Denver’s 850-mile trail system.
The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon along with Senior Managing Directors Travis Anderson and Riaz Cassum.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 37 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With over $51 billion in total assets under management, Clarion Partners offers a broad range of both debt and equity real estate strategies across the risk/return spectrum to its more than 350 domestic and international institutional investors. More information is available at clarionpartners.com.