JLL Capital Markets announced that it has arranged the $99 million refinancing of The Fitzgerald, a 282-unit, 11-story luxury apartment community in the LoDo neighborhood of downtown Denver, Colorado.
Situated at 1840 Market St., The Fitzgerald spans an entire city block between 18th Street and 19th Street and offers walkability to LoDo’s best shops, cafes, restaurants and entertainment. Within five minutes of the property are other popular neighborhoods, including Larimer Square, Union Station, LoHi, RiNo, Platte Street, Cherry Creek and the Golden Triangle. As a part of Denver’s Central Business District, The Fitzgerald is within a 1.5-mile radius of 1.8 million square feet of under-construction office space, and residents benefit from the over 161,000 jobs in downtown Denver.
The property’s location also provides residents numerous nearby transit options, such as Denver Union Station, the free 16th Street MallRide, the central hub of RTD’s Light Rail System and the downtown Denver circulator bus. Additionally, both MacGregor Square Entertainment Complex and Coors Field, home of the Colorado Rockies, are within proximity of the community.
“The Fitzgerald’s location, quality, and amenity offering created significant demand from lenders. Despite a higher interest rate environment, best-in-class borrowers, such as Greystar, have many options for financing high-quality housing projects. We are deeply grateful to Greystar for putting their trust in JLL to finance this asset for them and Otera for being a great partner,” said Angel.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Charles Halladay, Jordan Angel and Andy Scott, Director Rob Bova and Associate Ethan Habecker. JLL represented the borrower, Greystar, to secure a floating-rate, three-year loan through Otera Capital.