JLL arranges capital for Colorado multi-housing development
The structured construction financing totaling $43.2 million will fund the 264-unit project in Greeley, Colorado
DENVER, December 16, 2019 – JLL announced today it has arranged $43.2 million in structured construction financing for the development of Ten West Greeley Apartments, a 264-unit, Class A, garden-style multi-housing property in Greeley, Colorado.
JLL worked on behalf of the developer, Saunders Commercial Development Company, to secure the approximately $32 million, floating-rate senior loan through a national bank and the $11.2 million preferred equity loan through a specialty financing group.
The Ten West Greeley Apartments project is being developed on a 10.15-acre site at 6600 8th Street within the City Center West master-planned community. The location benefits from being one of the largest cities in northern Colorado and provides access to more than 7,100 employers within a 20-minute drive. Due for completion in 2021, the three-story property will have 64 garages in addition to 408 surface parking spaces. High-quality units will feature open floor plans averaging 882 square feet with modern finishes, including stainless-steel appliances, walk-in closets, plank flooring, full-size washers and dryers, and private balconies. This amenity-rich community will also include a resort-style pool, outdoor fire pit and lounge area, clubhouse, large entertainment area, fitness center, wet bar and dog wash.
The JLL Capital Markets debt placement team representing the developer consisted of Senior Director Leon McBroom and Senior Managing Director Eric Tupler.
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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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 Saunders
Saunders Construction is an employee-owned corporation headquartered in Englewood, Colorado, primarily performing work in the Rocky Mountain region. Founded in 1972, Saunders provides integrated construction management, general contracting (CM/GC) and commercial real estate development services to a variety of market types. In addition, Saunders is a member of the Citadel Group – an alliance of seven regional construction-related companies with operations in 19 cities. For additional information, please visit saundersinc.com.