JLL secures financing for S’PARK Railyards in Boulder
Boulder is one of the strongest and tightly held office markets in the U.S. with a booming technology sector
CHICAGO, March 19, 2020 – JLL Capital Markets announced today that it has arranged $29.4 million in construction financing for S’PARK Railyards (Railyards), a 69,263-square-foot Class A office building in Boulder, Colorado.
JLL worked on behalf of a joint venture between The John Buck Company, Kinship Capital and Element Properties to secure the five-year, floating-rate construction loan through Wintrust Financial Corporation. Railyards is the fourth out of a total of six planned buildings to be built by the joint venture. The last two projects will break ground by the end of year.
Railyards is located at 3401 Bluff Street in the S’PARK master-planned community, which upon completion will comprise 288 multifamily units, 106,029 square feet of office space, 31,363 square feet of ground floor retail and approximately 350 parking spaces across six separate buildings. The project is located just two blocks from Boulder’s new Rapid Bus Transit Station and immediately adjacent to a future Northwest Rail Line Station. Additionally, Railyards has convenient access to a wide array of employment and entertainment options, including University of Colorado Boulder, the Google Campus, Lockheed Martin, and the Twenty Ninth Street and Pearl Street Malls, among others.
Anticipated for completion in March 2021, the four-story Railyards building will feature 64,000 square feet of Class A office space and 5,263 square feet of ground floor retail space. The office layouts have been designed with 25-foot spans between columns, providing nearly column free floor plates that offer uninterrupted views of the Flatirons. Railyards is currently 92.4% pre-leased.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Keith Largay and Senior Directors Brian Walsh and Leon McBroom.
According to Walsh, “The lending community was very excited about the opportunity to provide financing to market-leading sponsorship in one of the highest barrier-to-entry markets in the U.S.”
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 best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or 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. 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 John Buck Company
Founded in 1981, The John Buck Company (“JBC”) has established a track record and reputation as a premier, vertically integrated real estate operating company focused on major U.S. urban markets. Since inception, they have successfully acquired, developed or redeveloped over 42 million square feet of office, high-rise residential, hotel, retail and mixed-use properties.
About Kinship Capital
Kinship Capital is a private real estate investment firm founded on 125 years of family business success. The company makes growth-oriented and duration driven investments in the U.S. across a variety of product types, including office, retail, multifamily, hospitality and industrial real estate.
About Element Properties
Element Properties, a real estate development company founded in 2010 and based in Boulder, focuses on infill market-rate housing, affordable housing and mixed-use places of exceptional value. Element Properties delivers creative and sustainable solutions that meet the community’s needs, with a focus on infill, walkable and transit-oriented projects.