JLL arranges $ 67 million loan for luxury apartment project
JLL Capital Markets arranged a $ 67 million construction loan for a luxury apartment complex in Denver.
Campbell Roche and Eric Tupler of JLL worked on behalf of the borrower, Cypress Real Estate Advisors, to secure the five-year variable rate loan. Pacific Western Bank provided the financing.
The borrower plans to use the loan to develop The Cameron, a five-story, 361-unit apartment building located at 4545 E. Warren Ave. The property will include 30 studios, 239 one-bedroom apartments and 92 two-bedroom apartments, all featuring stainless steel units. – steel appliances, quartz counters and spacious balconies. The property will also offer community amenities, including a resort-style swimming pool with cabanas and grill stations, a two-story club room, classes, a fitness center, a business cafe, and a fitness program. environmentally friendly recycling and waste reduction.
Construction of the Cameron is scheduled to be completed in July 2022.
As this development project comes after months of uncertainty in the commercial real estate market following the outbreak of COVID-19, according to a press release from JLL, Denver’s multi-family market has remained stable throughout. pandemic, with collections and occupancy rates exceeding national averages. .
Pacific Western Bank has also remained stable, according to Jon Lorenz, Colorado region president of Pacific Western Bank, who said the bank has continued to be a lender for development projects in recent months.
“In these difficult times, our bank continues to actively lend and seek new and productive relationships with proven real estate developers and sponsors who are as committed to the advancement of Metro Denver as we are,” said Lorenz.
Posted in October 21-Nov. 3, 2020, issue of CREJ.