JLL Capital Markets announced that it has arranged the $24.26 million construction financing for the development of 32nd and Eliot Apartments, a 124-unit, Class A, luxury multihousing community in the highly coveted Highlands neighborhood of Denver, Colorado.
JLL represented the borrower, Trailbreak Partners, to secure the senior construction loan through FirstBank, one of the nation’s largest privately owned banks known for its unique approach to commercial lending.
The three-story 32nd and Eliot will consist of studio, one-bedroom and two-bedroom units averaging 647 square feet. 12 of the units will be designated as affordable at 80 percent AMI. Units will feature in-unit washers and dryers, balconies and large windows, stainless steel appliances, custom cabinetry, LVP floors and walk-in closets. Community amenities include a clubhouse, a resort-style plunge pool and hot tub, courtyard, a roof deck with seating area, remote working spaces, a fitness center and a subgrade parking garage.
Situated at 3245 N Eliot St., the Project is a short 10-minute walk from the I-25 pedestrian bridge, providing direct access to Commons Park and Downtown Denver, and a five-minute drive to the approximately 145,00 jobs in Downtown Denver. 64 million square feet of office space and 31.1 million square feet of retail space sit within a five-mile radius of the property. Additionally, the site is a five-minute walk from the bars, restaurants and retail amenities in the Lower Highlands neighborhood and the Highland Square shopping district.
The JLL Capital Markets Team was led by Director Rob Bova.
“32nd and Eliot is an exceptionally well-designed project that maximizes an infill Highlands site, and the quality of this building will drive tenant demand. With a high-quality capital partner in FirstBank, Trailbreak is well-positioned to deliver a successful product to this supply-starved submarket,” said Bova.
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.
