$76.8M loan arranged for S’PARK Phase I in Boulder
JLL Capital Markets arranged the financing for a mixed-use creative office and multi-housing community
DENVER, August 11, 2021 – JLL Capital Markets announced today that it has arranged a $76.8 million loan for S’PARK Phase I, a newly constructed, mixed-use, Class A, multi-housing community with office and ground-floor retail space in the Boulder Junction neighborhood of Boulder, Colorado.
JLL worked on behalf of a joint venture between The John Buck Company, Kinship Capital and Element Properties to arrange a five-year, floating-rate loan with PGIM Real Estate. Loan proceeds were used to pay off the construction loan.
The property is part of the S’PARK master-planned community, a new, urban live-work-play destination that will, upon completion, consist of 358 multi-housing units, 106,000 square feet of office space, 31,400 square feet of ground-floor retail and 385 parking spaces across eight separate buildings. Timber is a Class A apartment complex featuring 150 luxury units across diverse floorplans ranging from studios to three bedrooms and townhomes for lease. The residential experience is enhanced by Timber’s best-in-class amenities package as well as the 2,127 square feet of street-level retail. Located across the street, Market is a 53,318-square-foot office building with ground-floor retail. The office component is 100 percent leased to Splunk, Inc., a publicly traded tech firm.
S’PARK is located within the Boulder Junction Neighborhood, a 160-acre redevelopment area located in the geographic center of the community and connecting East and West Boulder. It has become a state-of-the-art, transit-oriented development that features a bus rapid transit station and residential, commercial and retail space. The property is located two blocks from Boulder’s new Rapid Bus Transit Station and adjacent to a future Northwest Rail Line Station, allowing residents and workers excellent connectivity and transit options to Boulder and throughout metropolitan Denver.
The JLL Capital Markets debt team that represented the borrower was led by Senior Director Brian Walsh, Managing Director Leon McBroom and Senior Managing Director Keith Largay.
“The market on this execution was extremely competitive,” said McBroom. “Lenders continue to recognize the barriers to entry that Boulder provides along with the robust demographics.”
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 our newsroom.
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The John Buck Company
Founded in 1981, The John Buck Company (“JBC”) has an established track record and reputation as a premier, vertically integrated real estate investment, development and operating company focused on major U.S. urban markets. Since inception, JBC has made principal investments in assets comprising more than $6.7 billion of gross value and acquired, developed, or redeveloped over 42 million square feet of office, multifamily, residential and mixed-use properties. For more information, visit tjbc.com.
About Kinship Capital
Kinship Capital is a private real estate investment firm that makes growth oriented and duration driven investments in the U.S. across a variety of product types including office, retail, multi-family, hospitality, and industrial real estate.