JLL Capital Markets announced that it has arranged a $76.8 million loan for S’PARK Phase I, a newly constructed, mixed-use, Class A, multihousing community with office and ground-floor retail space in the Boulder Junction neighborhood of Boulder, Colorado.
JLL worked on behalf of a joint venture between The John Buck Company, Kinship Capital and Element Properties to arrange a five-year, floating-rate loan with PGIM Real Estate. Loan proceeds were used to pay off the construction loan.
The property is part of the S’PARK master-planned community, a new, urban live-work-play destination that will, upon completion, consist of 358 multi-housing units, 106,000 square feet of office space, 31,400 square feet of ground-floor retail and 385 parking spaces across eight separate buildings. Timber is a Class A apartment complex featuring 150 luxury units across diverse floorplans ranging from studios to three bedrooms and townhomes for lease. The residential experience is enhanced by Timber’s best-in-class amenities package as well as the 2,127 square feet of street-level retail. Located across the street, Market is a 53,318-square-foot office building with ground-floor retail. The office component is 100 percent leased to Splunk, Inc., a publicly traded tech firm.
S’PARK is located within the Boulder Junction Neighborhood, a 160-acre redevelopment area located in the geographic center of the community and connecting East and West Boulder. It has become a state-of-the-art, transit-oriented development that features a bus rapid transit station and residential, commercial and retail space. The property is located two blocks from Boulder’s new Rapid Bus Transit Station and adjacent to a future Northwest Rail Line Station, allowing residents and workers excellent connectivity and transit options to Boulder and throughout metropolitan Denver.
The JLL Capital Markets debt team that represented the borrower was led by Senior Director Brian Walsh, Managing Director Leon McBroom and Senior Managing Director Keith Largay.
“The market on this execution was extremely competitive,” said McBroom. “Lenders continue to recognize the barriers to entry that Boulder provides along with the robust demographics.”
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.