Blackburn Communities Lands $46M for Denver-Area Project
Wintrust Bank originated the construction note.
Blackburn Communities has secured a $46 million construction loan for Wadsworth Junction, a 227-unit multifamily development in Broomfield, Colo. The note carries a four-year interest-only term with one extension option. Northmarq arranged the financing through Wintrust Bank, public records show.
The development team broke ground on the project earlier this month. Kephart served as the architect of record and Norris Design provided landscape planning services, while Kimley-Horn was tapped as civil engineer.
The City and County Council of Broomfield approved the rezoning request for the project last year. The land was then rezoned from commercial, agricultural and industrial use.
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The development is rising in the Original Broomfield neighborhood, which was proximate to the Cherokee Trail stagecoach route and the mainline railroad of the 1800s. The area was envisioned as a mixed-use neighborhood with an emphasis on mixed-use and transit-focused communities while preserving key elements of Old Broomfield.
Plans call for one- to three-bedroom apartments averaging 967 square feet across three buildings. Units are set to feature granite or stone countertops and walk-in closets, as well as patios or balconies, among others.
Common-area amenities are slated to include a swimming pool, a spa with cabanas and grilling areas alongside a clubhouse comprising a business center, gym and bike room. Moreover, a dog park, covered parking and EV charging stations will also be available.
The 7.7-acre site is at 11495 Wadsworth Blvd., within walking distance of U.S. Route 36, while downtown Denver is some 16 miles southeast. Several lakes and parks are also nearby.
Northmarq Senior Vice President Jeff M DeHarty alongside Vice President Carl Riggins secured the financing on behalf of Blackburn Communities.
Denver’s multifamily starts taper off
Year-to-date through June, developers broke ground on more than 1,100 units in Greater Denver, a sharp contrast with last year’s figures which clocked in at more than 9,100 units during the same period, Yardi Matrix shows.
Despite the recent slowdown, Denver’s pipeline is still sizeable, with Yardi Matrix expecting 18,041 units to come online this year. That would represent 5.6 percent of existing stock, one of the country’s largest percentages.Â
One of the projects that will soon enter Greater Denver’s development pipeline is Thompson Thrift’s The Landing At Lemay. Set to encompass 344 units across 18 buildings, the community is expected to receive its first residents toward the end of 2025.
