Colorado Community Lands $21M Refi
JLL Capital Markets secured the Freddie Mac loan for the 144-unit property.
Gateway Place Phase II Apartments, a 144-unit multifamily community in Greeley, Colo., has landed a $21.2 million Freddie Mac Multifamily refinancing loan.
JLL Capital Markets arranged the mortgage for owner Morgan Energy, with JLL Real Estate Capital LLC servicing the 10-year, fixed-rate note.
The three-story, garden-style community is part of a two-phase community. The six-building second stage dates back to 2020 and features one- and two-bedroom units. Each apartment comprises private balconies and patios, built-in desks, quartz countertops, stainless steel appliances and in-unit washers and dryers.
Common-area amenities include a clubhouse, a pool and hot tub, an entertainment lounge, a business center and grilling stations. Located 3755 25th St., the community is situated east of downtown Greeley, with major employers being located north and west of the property. The site is also adjacent to U.S. Route 34 and in proximity of Interstate 25.
Eric Tupler, senior managing director of JLL arranged the deal for the borrower. In another recent deal, together with Senior Managing Director Brad Miner, Tupler secured a $49.5 million construction loan for Flagstaff Elkwood, a 224-unit multifamily community in Flagstaff, Ariz. Canada-based Wexford Developments is behind the four-building property, set to come online in 2024.