Two Denver development projects receive $25M in financing
JLL completes construction loan for office and residential projects in Capitol Hill
DENVER, October 28, 2019 – JLL announced today that it has secured $25 million in construction and bridge financing for 777 and 757 Grant Street in Denver, Colorado. 777 Grant Street is a vintage office building that will be renovated and repositioned while 757 Grant Street is a Class A, ground-up multifamily development.
JLL worked on behalf of the borrower, LCP Development, to secure the three-year construction and bridge loan through a national bank.
Located on the hard corner of 8th Avenue and Grant Street within Denver’s Capitol Hill neighborhood, 777 and 757 Grant Street possess phenomenal access throughout the Denver metro via automobile, public transit or the Cherry Creek Bike Path. Capitol Hill is highly amenitized with numerous bars and restaurants, entertainment destinations and retail options all within a walkable live-work-play environment that boasts one of the highest resident concentrations in Denver.
Once renovated, 777 Grant will be a Class A asset providing the market with best-in-class office space, and modern amenities such as a “corporate living room” planned for the first floor lobby that will feature a kitchen/café area with high-top booth seating; a large executive conference room; ground floor retail space; a new fitness center with lockers and showers; and bike and storage space. The 77,331-square-foot building will also provide tenants with 138 parking stalls in a below-grade parking structure and surface parking.
757 Grant Street will be a ground-up, four-story residential building sitting atop a four-story parking structure. The studio-only, 68-unit development will cater to residents seeking smaller living quarters at a more affordable price point and will offer tenants top-of-the-line amenities, including a community room with kitchen, fitness center and rooftop deck with lounge seating, gas grills and a fire pit.
JLL’s Capital Markets team representing the borrower was led by Senior Directors Leon McBroom and Kristian Lichtenfels.
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.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About LCP Development
Founded in 2004, LCP Development is a privately held, Denver-based development and property management company specializing in mixed-use, infill development and redevelopment and property management. LCP has experience in nearly every real estate asset type, with projects in metro Denver and surrounding areas.