JLL announces it has arranged financing totaling $50.4 million for the development of Farm Haus, a 280-unit, Class A apartment project in the north Denver suburb of Longmont, Colorado.
JLL worked on behalf of the developer, a joint venture between Massimino Development and Origin Investments, to place the higher leveraged structured floating-rate construction financing. The financing featured no repayment guaranty and a 36-month loan with two 12-month extension options.
Farm Haus will be constructed on a 13.52-acre parcel at the northwest corner of East 3rd Avenue and Great Western Drive just south of E. Ken Pratt Boulevard (Route 119). Due for completion in 2021, the property will feature a modern farmhouse design while incorporating resort-style amenities and lush landscaping. Interior amenities will include a lobby with expansive windows overlooking the grand exterior patio, pool terrace, tree orchards and Lone Peak that leads into a resident lounge and clubhouse equipped with billiards and gaming space and demonstration kitchen with flexible dining or co-working space. Outdoor amenities include built-in barbecues, resort-style pool with multiple water features, pool house with built-in bar, outdoor TVs and games, playground, dog park and several landscaped “pocket” parks with seating.
Residences will feature master suites with spacious walk-in closets, double vanities, oversized tubs, charging stations, nine-foot ceilings, full-sized washers and dryers, large modern kitchens, designer cabinets, stainless steel appliances, pendant lighting, designer flooring, private balconies and Bluetooth keyless entry. Of the 280 units, 247 will be market-rate and 33 will be designated as affordable. The four-story property is less than three miles from downtown Longmont and is a short drive to the Longmont Park-n-Ride.
The JLL Capital Markets team representing the developer was led by Managing Director Josh Simon and Senior Director Leon McBroom.
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.
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.
About Massimino Development
Massimino Development, founded in 2004 and based in Boulder, Colorado, is a privately held real estate development company specializing in market rate and affordable apartments and commercial property throughout the western United States. Massimino Development has developed or entitled over 1,200 units valued at more than $200 million.
About Origin Investments
Founded in 2007, Origin Investments (“Origin”) is a real estate investment firm that acquires office and multifamily properties in eight fast-growing markets: Charlotte, Raleigh, Atlanta, Houston, Dallas, Austin, Chicago and Denver. With offices in Chicago, Charlotte and Dallas, Origin has $600 million in assets under management.
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.