PCCP, LLC has provided a $41 million senior loan to Journey Homes for the construction of Overlook Apartments, a 210-unit garden-style multifamily community in Johnstown, Colorado.
Situated on 16 acres, the garden-style multifamily community will include ten residential buildings and one community clubhouse. The property will include spacious one-, two-, and three-bedroom units and will offer on-site amenities such as a fitness center, resort-style pool, coworking lounge, resident lounge, a children’s playground, and picnic areas with outdoor firepits and grills.
“Journey Homes is an experienced and active Northern Colorado apartment developer and PCCP is pleased to lend on this high-quality project located within a high growth area of Northern Colorado,” said Matthew Cochran, Managing Director with PCCP. “We believe that Overlook Apartments will appeal to renters seeking a new, amenitized rental community offering spacious units at an affordable price point.”
Northern Colorado offers a diversified employment base, strong education system, affordable cost of living, and proximity to outdoor recreation, creating a draw for a growing base of residents. Additionally, the region has strong fundamentals for multifamily development and there is significant demand for rental product. The area between Denver and Fort Collins has been a high growth corridor over the past decade and is projected to experience significant future growth.
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $23.8 billion in assets under management on behalf of institutional investors as of March 31, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 26-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $41.0 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
Journey Homes is an experienced Northern Colorado homebuilder and apartment developer with a portfolio of 4,439 units in Northern Colorado. Originally established in 1997 as a single-family contractor, Journey Homes has developed, constructed and sold over 10,000 single-family homes. Journey Homes diversified into multifamily development in 2013 and owns 4,439 units with an estimated 1,500 units in various stages of pre-development.
