JLL Capital Markets announced that it secured $54.5 million in construction financing for Tree Farm Lofts, a 196-unit, six-building multihousing community located in Basalt, Colorado.
JLL worked on behalf of the borrower, Lang Partners and Realty Capital Residential, to secure a four-year, floating-rate, construction loan with a one-year extension. The lender, a regional bank, facilitated the loan.
With a completion date of July 2024, the property will be wood-framed construction on concrete post-tension slab foundation consisting of six buildings. The building mix will include two-, three- and four-story structures mixed throughout the development with all three- and four-story buildings served by elevators and three buildings, providing sub-grade parking. Community amenities will feature a clubhouse, ground floor retail, a leasing office, 1,900 square feet of co-working space, a fully equipped fitness center, resort style pool and spa, multiple amenity decks with fire pits, bike, kayak and ski storage and other first-class amenities.
Located at 5 Tree Farm Dr., Tree Farm Lofts is ideally situated along Highway 82 between Glenwood Springs and Aspen providing incredible access to the key economic demand drivers of the Roaring Fork Valley. Residents are just 19 miles from Glenwood Springs, 20 miles from Snowmass Village and 22 miles from downtown Aspen. Access to employment and endless recreational attractions are accessible via the Roaring Fork Transportation Authority bus line.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Eric Tupler, Leon McBroom and Brian Carlton.
“After following the progress of the Tree Farm mixed-use development for multiple years, we are excited to bring additional housing to the Roaring Fork Valley through the construction of Tree Farm Lofts,” said Richard Myers, Managing Director of Realty Capital Residential.
“The location of the development is unmatched, and entitlements for a housing project of this size is extremely rare,” said Alexander Brown, President of Realty Capital Residential. “Tree Farm Lofts will be a landmark development within the Roaring Fork Valley for years to come.”
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.
