JLL Capital Markets announced it has arranged a $74.1 million refinancing for The Parc at Cherry Creek, a 408-unit garden style, multihousing property located in Denver, Colorado.
JLL worked on behalf of PCC Partners, LLC, to secure the 7-year, full-term interest-only, 2.93 percent rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. The borrower is refinancing their existing Freddie Mac loan for the apartments.
The Parc at Cherry Creek comprises 17 three-story apartment buildings, totals 372,402 rentable square feet and offers one- and two-bedroom units. Since March 2020, the borrower has spent over $13.5 million on capital improvements since acquiring the property in December 2011, and about $7 million In upgrades to some units and common areas, including property exterior updates, upgrading the fitness and business centers and adding a new clubhouse and pool. With most units already renovated, the borrower plans to update the existing 102 units, which include new appliances, flooring, light fixtures, countertops and faucets.
Located at 7555 East Warren Dr. in southeast Denver, The Parc at Cherry Creek is proximate to the area’s most renowned employment hubs including the Denver Tech Center, Fitzsimmons Medical Campus, Cherry Creek North and is about 10.5 miles from Downtown Denver. Additionally, the transit-orientated property has access to I-225 and I-25, allowing regional connectivity.
The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels.
JLL delivers multihousing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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 sales 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.