JLL arranges $67M loan for luxury apartment project
JLL Capital Markets arranged a $67 million construction loan for a luxury apartment complex in Denver.
Campbell Roche and Eric Tupler of JLL worked on behalf of the borrower, Cypress Real Estate Advisors, to secure the five-year, floating-rate loan. Pacific Western Bank provided the financing.
The borrower plans to use the loan to develop The Cameron, a five-story, 361-unit apartment building at 4545 E. Warren Ave. The property will comprise 30 studio, 239 one-bedroom and 92 two-bedroom units, all featuring stainless-steel appliances, quartz countertops and spacious balconies. The property also will offer community amenities, including a resort-style pool with cabanas and grilling stations, a two-story clubroom, courtyards, a fitness center, a business café and an eco-friendly recycling and waste reduction program.
Construction on The Cameron is expected to wrap up in July 2022.
While this development project comes after months of uncertainty in the commercial real estate market following the onset of COVID-19, according to a JLL press release, the Denver multifamily market has remained stable throughout the pandemic, with collections and occupancy rates outperforming the national averages.
Pacific Western Bank also has remained stable, according to Jon Lorenz, president of Pacific Western Bank’s Colorado region, who said the bank has continued to be a lender for development projects in recent months.
“During these challenging times, our bank continues to actively lend and seek out new, productive relationships with proven real estate developers and sponsors who are as committed to the forward progress of the Denver metropolitan area as we are,” Lorenz said.
Published in the Oct. 21-Nov. 3, 2020, issue of CREJ.
