News release

$55.18M refinancing secured for suburban apartment complex

JLL Capital Markets arranged the financing for the 276-unit The Iris in Arvada, Colorado

June 21, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

DENVER, Jun. 21, 2023 – JLL Capital Markets announced today that it has arranged $55.18 million cashout refinancing for The Iris, a 276-unit, garden-style apartment complex in the Denver suburb of Arvada, Colorado.

JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year, full-term, interest-only, Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. 

Constructed in 1970 and renovated in 2022, the six-building, three-story community features one-, two- and three-bedroom units with wood-style floors, white cabinets, quartz countertops, in-unit washers and dryers and stainless steel appliances. Community amenities include a pool, a basketball court, a volleyball court, a picnic area and a playground.

Situated at 9700 W. 51st Place, the property is within walking distances to the Arvada Ridge Public transit station, as well as minutes from the I-70 corridor. Additionally, residents benefit from the broad variety of walkable amenities, entertainment, dining and retail options within the historical district of Ode Town Arvada.

“Tony and William started working with us on this refinancing over seven months ago, and from the very beginning it was clear that they knew every possible lever we could pull in order to maximize proceeds and get the deal closer amidst this extremely challenging lending environment. From the very beginning we set a target and with their help we were able to surpass that target. We could not be more thankful for their help and hard work on this transaction!” said Terrance Doyle, founder of VareCo.

The JLL Capital Markets Debt Advisory team was led by Managing Director Tony Nargi and Director William Haass.

“VareCo has done an absolutely tremendous job renovating this asset with one of the best interior unit renovations on a 70’s-built deal in all of Denver. Fannie Mae provided an excellent execution with 35-year amortization loan sizing and full-term, interest-only and sub-5% fixed-rate on a cash out refinance.  JLL is thrilled to be involved in this financing with an excellent local owner and operator in VareCo,” said Nargi.

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

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 and sales 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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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About VareCo

VareCo is a private real estate investment firm specializing in value-add opportunities across the Denver, Colorado and Des Moines, Iowa multi-family markets. VareCo’s passion is to develop untapped potential in people, properties, and portfolio companies to improve the daily lives of all their stakeholders and to deliver above-market, risk-adjusted returns for our investors. With over 1,300 units owned, VareCo has extensive experience in owning and operating multifamily assets. Their institutional quality asset management approach coupled with their relationship network of investors, brokers, and banking relationships allows VareCo to fulfill the desires of their residents and investors.