Suburban Denver apartment complex development financed with $24.9M loan
JLL Capital Markets arranged the Opportunity Zone construction financing for an Alpine Investments development
DENVER, Jan. 20, 2022 – JLL Capital Markets announced today that it has arranged $24.9 million in construction financing for the development of a 119-unit, Class A, mid-rise apartment complex in the south Denver community of Englewood, Colorado.
JLL worked on behalf of the developer, Alpine Investments, to secure a 30-month, floating-rate, non-recourse construction loan through a national bank.
Scheduled for completion in the spring of 2023, the six-story multi-housing property will be cast-in-place concrete with exterior brick, stucco and metal panel finishes in a neutral palette. The property will showcase a sophisticated interior package, and units will feature stainless steel appliances, including gas ranges, in-unit washers and dryers, and spacious kitchens, bathrooms and closets. The community will offer a six-story parking garage with electric car charging stations, private and semi-private work-from-home options, an indoor/outdoor rooftop lounge and patio, and a state-of-the-art fitness center.
Situated along East Hampden Avenue, the federally designated Opportunity Zone is one block from US 285, one of Englewood’s primary thoroughfares, providing visibility and access to the broader metro through connectivity to Interstates 25 and 70 and US-85. The location also offers 12 Regional Transportation District bus stops within a half mile of the property, as well as close access to the Englewood RTD Light Rail Station. The property is also conveniently surrounded by several of Englewood’s top employers including Swedish Hospital and world-renowned Craig Hospital.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Leon McBroom and Associate Kevin Barron.
“Once built, Alpine’s project will be one of the most sought-after apartment communities in the area, providing great access to some of Englewood’s key employers like Swedish Medical Center and Craig Hospital,” McBroom said. “It is also proximate to some of the strongest income demographics in the Denver metro with its proximity to Cherry Hills. We had tremendous lender interest in this opportunity.”
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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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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Alpine Investments
Alpine Investments is a Denver-based real estate investment and development company focused on the design, development and construction of upscale, infill projects in high barrier-to-entry areas along Colorado’s Front Range. With strong intrinsic value as the cornerstone of each investment, Alpine targets off-market development opportunities where thoughtful analysis, creative structuring and enhanced execution will lead to the creation of above-market risk-adjusted returns for its investors.