JLL arranges $40.27M financing for Denver-area apartments
Funds refinance Freddie Mac loan originated in 2018 for Palisade Park in Broomfield
DENVER, November 21, 2019 – JLL announced today that it has arranged $40.27 million in financing for Palisade Park, a 216-unit, garden-style apartment community in the north Denver suburb of Broomfield, Colorado.
JLL worked exclusively on behalf of Jeffrey Sanders of Boulder, Colorado-based Mountain View Capital, LLC to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced an existing Freddie Mac loan originated in 2018.
Completed in 2017, Palisade Park is fully stabilized and comprises one-, two- and three-bedroom units ranging from 731 to 1,247 square feet. The property is located at 16815 Huron Street, which allows for easy access to employment centers and recreational destinations in and around Denver and Boulder. The property encompasses 14,500 square feet of indoor and outdoor amenity space featuring a beach-style pool with sundeck and spa; pergola with gas grills and fire pit; 24-hour fitness center; clubhouse with billiards, Wi-Fi lounge, media center and business room; dog wash and dog park; playground; and detached garages.
The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon.
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.
About JLL
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 Mountain View Capital, LLC
Founded in 2008 by Jeffrey Sanders, Mountain View Capital, LLC (“MVC”) strategically acquires, repositions and develops multifamily and commercial real estate assets. Its current portfolio includes more than 1,700 apartment units in seven communities, primarily along Colorado’s Front Range. MVC strives to create long-term cash flows and significant value appreciation in every investment opportunity. MVC’s strong relationships with skilled real estate professionals gives it a unique ability to achieve superior returns. That depth of experience also allows it to create exceptional value for the residents who choose its communities as their home.