JLL Capital Markets announced that it has secured a $65.5 million construction financing for 3850 Blake, a 310-unit, Class A multifamily development in Denver’s River North Art District (RiNo).
JLL represented the borrower, Formativ.
3850 Blake, located at the corner of Blake Street and 38th Street in one of RiNo’s most sought-after locations, is a 16-story, fully-entitled development featuring a mix of studios, one- and two-bedroom units. The transit-oriented development is steps away from the 38th & Blake RTD light rail station, offering residents convenient access to Union Station and Denver International Airport.
The multifamily property will offer a highly amenitized urban living experience with 12,000 square feet of amenity space, including an elevated pool deck with unobstructed mountain views, clubhouse, co-working zones, indoor/outdoor fitness center and a programmed lobby designed to engage with the surrounding neighborhood.
3850 Blake is poised to set a new standard for attainable urban living with a thoughtfully crafted, 310-unit community of efficiently designed residences averaging 563 square feet. With nearly 40% of residences priced within reach for those making 70% of the area median income (AMI) and more than 70% attainable for those earning below 100% AMI, 3850 Blake delivers high-end, urban living with an affordable programming mix in one of Denver’s most sought-after neighborhoods.
Denver continues to benefit from strong net in-migration, projected to add an additional 300,000 residents by 2030. RiNo has experienced exponential growth in recent years, with 26,000 new residents relocating to the area from 2019-2020 alone. The neighborhood features over 150 restaurants, bars, galleries, and entertainment venues within a 10-block radius of the development.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Director Rob Bova and Senior Analyst Ellie Savage.
“3850 Blake represented a compelling opportunity in one of Denver’s most dynamic neighborhoods,” said Bova. “The project’s efficient unit mix, extensive amenities and transit-oriented location position it well to meet the strong demand for luxury rental housing in RiNo.”
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 sales and 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.
