JLL Capital Markets announced that it has arranged $60 million in financing for the acquisition of Lodge on 84th, a 300-unit, garden-style multihousing community located in the Denver-area community of Federal Heights, Colorado.
JLL worked on behalf of the borrower, CARROLL, to secure the four-year, floating-rate bridge loan with one one-year extension through a large insurance company.
Located at 1327 West 84th Ave. along the heavily trafficked 84th Avenue, Lodge on 84th offers convenient access to some of the Denver metro area’s top employment hubs, including Westminster, Downtown Denver, Interlocken Business Park and Boulder, all within a 25-minute drive. Lodge’s position in a highly accessible location that is relatively cost-effective provides consistent demand from working-class residents seeking easy access to Denver metro’s expansive employment and entertainment hubs.
“We were pleased to execute a smooth closing with the JLL Capital Markets debt team in Denver. The partnership led us to a new capital relationship for CARROLL. All parties were able to deliver on a quick timeline and seamlessly execute on the transaction,” said Max Fink, Director of Investments at CARROLL.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Directors Tony Nargi and Matt Steffen and Associate Kevin Barron.
“It was great to get another one done with CARROLL here in Colorado, and we appreciate the partnership,” Steffen said.
“While the closing timeline presented challenges, working with great sponsorship from Max and the CARROLL team bolstered interest within the debt capital markets,” added Nargi.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.