Purchase of urban multi-unit asset in downtown Denver funded for $ 52 million
JLL Capital Markets announced that it has set up $ 52 million acquisition financing for Point 21 Urban Flats, a 212-unit podium-plus-style luxury apartment building in downtown Denver, Colo. .
JLL worked on behalf of the borrower, Mountain View Capital, to secure the five-year acquisition loan with four years of interest only through a corresponding national insurance company of JLL. The financing reflects a loan-to-purchase price of 61.7% and provides for three years at fixed rate and two years at variable rate with prepayment opened in the last two years.
Built in 2014, Point 21 Urban Apartments consist of modern one and two-bedroom units averaging 816 square feet with white quartz countertops, hardwood-style vinyl flooring, clothes washers and integrated dryers, alarm systems, walk-in closets, large tubs and balconies in some units. The six-story building houses a full suite of community amenities, including a terrace with a large pool and spa, a rooftop lounge with stunning city and mountain views, a 24-hour fitness center / 24, two outdoor yards, electric car charging station, dog wash, dry cleaning lockers, garage and business center. Mountain View Capital plans to implement strategic investments in common areas, lighting and indoor unit upgrades.
Point 21 Urban Flats is located at 2131 Lawrence St. in the heart of Denver’s downtown Ballpark district, which offers a vibrant urban living environment just steps from popular dining, entertainment, nightlife, fitness and shopping. retail business. Surrounded by a wealthy population, nearly 70% of the region’s housing is occupied by tenants, which demonstrates the demand for urban living-work-play assets. Plus, this true central location puts the property within walking distance of some of downtown’s top employers, as well as the highly desirable areas of LoDo, Ballpark, and RiNo.
Driven by a high quality of life and growing employment and population, Denver is recognized as one of the hottest markets in the country and a destination of choice for businesses and residents from outside the United States. State in search of work-life balance in a rapidly growing city. Coupled with a growing number of residents seeking urban living environments with access to the heart of Denver, the population of downtown Denver is expected to grow by four percent per year over the next four years. Properties like Point 21 Urban Flats are well positioned to further capitalize on Denver’s growth in the years to come.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Kristian Lichtenfels.
âOur JLL team was delighted to assist Mountain View Capital in another great addition to its Colorado multi-unit asset portfolio,â said Lichtenfels. âThere was a strong capital interest in this acquisition financing given the solid foundation and expected near-term revenue growth. JLL’s correspondent lender provided a creative loan structure with fixed rate, interest only and prepayment flexibility, perfectly aligned terms with the business plan for capital improvements and strategic revenue growth. Mountain View Capital.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment and sales advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.