Denver-Area Property Scores $40M Refi
The owner of the 2017-built community refinanced an existing CMBS loan originated last year.
JLL has arranged $40.3 million in refinancing for Palisade Park, a 216-unit, garden-style community in Broomfield, Colo. JLL worked on behalf of the borrower, Mountain View Capital, to secure the 10-year, fixed-rate Freddie Mac loan, which will be serviced by HFF. The property was previously subject to a $33.8 million CMBS loan originated by HFF last year.
Palisade Park occupies 8.3 acres at 16815 Huron St., close to the intersection of U.S. Highway 7 and Interstate 87, approximately 21 miles north of downtown Denver. The eight-building community is also close to Larkridge Retail Center, one of the area’s largest shopping destinations.
Constructed in 2017, the Class A property encompasses a mix of one-, two- and three-bedroom units averaging 909 square feet. The apartments feature washers and dryers, above-standard ceiling heights and private balconies and patios. The property has 14,500 square feet of indoor and outdoor amenity space, featuring a pool with sundeck and spa, 24-hour fitness center, clubhouse, media center and business room, among others.
Managing Director Josh Simon of JLL’s Capital Markets team arranged the refinancing. In October, Simon represented another borrower in the refinancing of an 81-unit community in Denver’s Berkeley neighborhood.