JLL arranges $18.85M loan for Denver apartment project
The Cherry Creek development will include 111 Class A residential units
DENVER, April 1, 2020 – JLL Capital Markets announced today that it has arranged $18.85 million in financing for the development of Bloom at Cherry Creek, a 111-unit, Class A mid-rise apartment property currently under construction in Denver’s Cherry Creek submarket.
JLL worked on behalf of the borrower, Botnick Realty, to secure the five-year, fixed-rate construction loan through a regional bank.
Bloom at Cherry Creek is being constructed on a 1.11-acre site at 4700 E. Kentucky Avenue, which provides immediate access to recreation amenities, including the Cherry Creek Bike Path and Infinity Park, as well as nearby access to the Cherry Creek North shopping district. Due for completion in mid-2021, the five-story, podium-style property will total 70,733 rentable square feet across a mix of studio, one- and two-bedroom units finished with white Shaker cabinets, quartz countertops, stainless steel appliances, luxury flooring and in-unit washers and dryers. Community amenities will include a rooftop deck with firepit, grilling station, community kitchen, game room, fitness center and workstations.
The JLL Capital Markets team representing the borrower included Senior Directors Kristian Lichtenfels and Matt Steffen.
“We see Bloom at Cherry Creek as Botnick Realty’s next great opportunity to expand on our investment strategy in and around Denver, said Brian Botnick, Managing Member of Botnick Realty. “We are excited to grow our platform and continue building our team with a focus on providing quality residential communities.”
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.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Botnick Realty
For four generations and over 70-years, the Botnick Family has been building, selling, investing in and maintaining residential and commercial real estate. The company started in the 1940’s as a scattered-site custom home builder and began building multifamily communities in the 60’s, many of which remain in their 2,000+ unit portfolio today. Over the last 10 years, Botnick Realty has built a presence of over 600-apartment units in Colorado, providing a solid foundation for future growth in the state, while maintaining a strong presence in Ohio and Georgia.