JLL arranges $41M refinancing for Decatur Point
Class A mid-rise multi-housing property is located in Denver’s Jefferson Park
DENVER, December 19, 2019 – JLL announced today that it has arranged the $41 million refinancing of Decatur Point, a 203-unit, Class A, mid-rise multi-housing property in Denver’s Jefferson Park neighborhood.
JLL worked on behalf of the borrower, Riverpoint I, LLC, to secure the 10-year, 3.56%, fixed-rate loan through a correspondent life company lender. The loan featured a forward-rate lock and interest-only amortization. The property is managed by Iron River Management, LLC whose principal, Jonathan Ringham, is also the lead investor in the property.
Decatur Point is located at 2700 Decatur Street just across the river from downtown and Union Station near some of Denver’s top dining, retail, recreation and nightlife destinations. The property is also minutes from the Cherry Creek and Platte River trails as well Speer Boulevard and Interstate 25. Completed in 2017, Decatur Point comprises a mix of studio, one- and two-bedroom units averaging 775 square feet with modern finishes and amenities, including full-size washers and dryers, private balconies and designated underground parking and bike storage. Additional common area amenities include a 3,500-square-foot landscaped courtyard with lounge seating; an outdoor swimming pool and spa; grilling and outdoor dining area; fitness center and yoga studio; club room with gaming area and bar; and a rooftop sky lounge with outdoor kitchen and cocktail station that provides panoramic views of the Denver skyline. The property is 96% occupied.
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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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 Iron River Management, LLC
Iron River Management, LLC has been involved in the ownership, management and development of multifamily residential real estate since the early 1970’s. With over 40 years of experience, Iron River has grown and diversified its operations into separate affiliated entities that concentrate their expertise in the fields of property management, property acquisition and property development.