$24.26M construction financing arranged for Denver multi-housing project
JLL Capital Markets arranged the loan for the development of the 124-unit 32ndand Eliot in The Highlands neighborhood of Denver, Colorado
Denver, Jan. 10, 2023 – JLL Capital Markets announced today that it has arranged the $24.26 million construction financing for the development of 32nd and Eliot Apartments, a 124-unit, Class A, luxury multi-housing community in the highly coveted Highlands neighborhood of Denver, Colorado.
JLL represented the borrower, Trailbreak Partners, to secure the senior construction loan through FirstBank, one of the nation’s largest privately owned banks known for its unique approach to commercial lending.
The three-story 32nd and Eliot will consist of studio, one-bedroom and two-bedroom units averaging 647 square feet. 12 of the units will be designated as affordable at 80% AMI. Units will feature in-unit washers and dryers, balconies and large windows, stainless steel appliances, custom cabinetry, LVP floors and walk-in closets. Community amenities include a clubhouse, a resort-style plunge pool and hot tub, courtyard, a roof deck with seating area, remote working spaces, a fitness center and a subgrade parking garage.
Situated at 3245 N Eliot St., the Project is a short 10-minute walk from the I-25 pedestrian bridge, providing direct access to Commons Park and Downtown Denver, and a five-minute drive to the approximately 145,00 jobs in Downtown Denver. 64 million square feet of office space and 31.1 million square feet of retail space sit within a five-mile radius of the property. Additionally, the site is a five-minute walk from the bars, restaurants and retail amenities in the Lower Highlands neighborhood and the Highland Square shopping district.
The JLL Capital Markets Team was led by Director Rob Bova.
“32nd & Eliot is an exceptionally well-designed project that maximizes an infill Highlands site. The quality of this building will drive tenant demand. Combined with a high-quality capital partner in FirstBank, Trailbreak is well-positioned to deliver a successful product to this supply-starved submarket,” said Bova.
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 and sales 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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Trailbreak Partners
Trailbreak Partners is a Denver-based real estate development and investment company. At Trailbreak, they leave no stone unturned. Trailbreak is meticulous in their approach to investing, constantly monitoring the market for projects that fit their diverse array of expertise and personal interests. From project inception through completion they execute with strategic oversight and methodical control in order to capture value for all stakeholders, every step of the way. Trailbreak Partners has completed and is currently working on over $1 billion worth of real estate development and investments. Their investment and syndication platform offer a wide array of capital sources that span hundreds of high net worth individual investors to family office and institutional capital sources.
About FirstBank
FirstBank began providing banking services in 1963. Today, it’s known as an industry leader in digital banking. It has grown to be one of the largest privately held banks in the United States, maintaining nearly $28 billion in assets and 100 branch locations across California, Colorado, and Arizona. FirstBank offers a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans, and a full range of commercial banking services, including business financing, commercial real estate loans, treasury management, and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing more than $80 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.