Luxury Denver TOD Gets Construction Loan
The developer has five projects in its local pipeline.
Kairoi Residential has closed on a construction financing loan for the development of Kairoi Metro Center, a 419-unit transit-oriented community in Aurora, Colo.
A JLL Capital Markets team represented the San Antonio-based developer in its securing of the six-year, floating rate loan at a 55 percent loan-to-cost ratio. The firm also advised on the equity placement for the project and worked to procure the lenders, an undisclosed pair of banks. The loan amount could not immediately be learned. JLL Senior Managing Directors Leon McBroom and Travis Anderson and Director Kevin Barron advised Kairoi.
Kairoi is awaiting final approvals and permits from Denver’s city government. Construction on the luxury project is expected to finish in early 2026. Kairoi Metro Center is one of six communities the developer has planned for the Denver area. The firm has been active in the city’s property management space, overseeing operations at the recently topped-out One River North, a 187-unit innovation project.
Mile-high Metro Center
Kairoi Metro Center is being built within an Opportunity Zone, which offers direct access to the city’s RTD light rail system. At full build-out, the community will comprise five buildings, sectioned into one-, two- and three bedroom living arrangements averaging 831 square feet, according to Yardi Matrix data. The 21-acre community will feature two outdoor parks, which feed into an adjacent 1.4-acre city park.
Situated at the intersections of East Centrepoint Drive and South Sable Boulevard, the community is surrounded by ample employment and retail offerings. Town Center at Aurora, a 1 million-square foot shopping center, lies within a half-mile west along Centrepoint drive. Fitzsimons Army Medical Center and Buckley Space Force Base are several miles away. Downtown Denver is nine miles to the west, accessible through an onramp to U.S. Highway 40.
Development in Denver
Approximately 90 percent of newly available multifamily units in Denver have been classified as upscale. At the same time, the city has suffered from deflated transaction volumes, with $421 million in trades through April. The sale of Cherry Creek in July marked the largest deal of the year. The property sold for $225 million.