New warehouse development near Fort Collins, CO secures $12.5M in construction financing
JLL Capital Markets arranged financing for Boyd Lake Commerce Center Phase I in Loveland, CO
DENVER – October 3, 2022 – JLL Capital Markets announced today that it has arranged $12.5 million in construction financing for the development of Boyd Lake Commerce Center Phase I, a 100,000-square-foot, Class A industrial outdoor storage (IOS) project located on 95 acres in Loveland, Colorado.
JLL worked on behalf of the borrower, BLCC One, LLC, an affiliate of co-developers Saunders Commercial Development Company, LLC and Winslow Investments, LLC, to secure the three-year, non-recourse, floating-rate loan through a regional bank.
Once completed, the building features will include 28’ clear-height, 28 loading docks, 188 parking spaces (1.88/1,000SF), ESFR sprinkler systems, glass store front and LED lighting. In addition, the property will include approximately four acres of outdoor yard space. Boyd Lake Commerce Center is a master-planned development which is expected to include five additional industrial buildings, one office building, one flex project and numerous build-to-suit opportunities throughout.
The property is located on Boyd Lake Avenue near the intersection of Interstate 25 and Highway 34. The site provides direct access to Highway 34, Crossroads and Highway 392 running east/west and Highway 287 and I-25 running north/south. The location provides premier regional access to I-70 (47 miles) in Denver and I-80 (48 miles) in Wyoming. The area surrounding Boyd Lake Commerce Center is supported by a strong labor market that includes more than 20 Fortune 500 companies. The area also boasts exponential population growth, both of which outpaced the national average by more than double over the past five years. The average household income within a three-mile radius of the property is $121,004 and the median home value is $480,687.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Leon McBroom.
“While the debt capital markets are still volatile, lenders are still gravitating towards ground up industrial,” McBroom said. “Lenders recognize the demand drives up and down the front range for this last mile type distribution. When “dry powder” is available, these are the types of projects that are getting financed.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Saunders Commercial Development Company
Saunders Commercial Development Company, LLC, (“SCDC”) is an affiliate of Saunders Construction, Inc., which was started in 1972 and consistently ranks as one of the top general contractors in Colorado. As a natural extension of Saunders’ services, SCDC offers specialized, partner-focused commercial real estate services. SCDC’s approach is rooted in flexibility, transparency and intention. SCDC is committed to creating real value, drawing on their integrated real estate and construction platform to successfully execute and maximize investments.