JV Lands Refi for Denver Luxury Community
JLL arranged the deal on behalf of the partnership.
A joint venture including Corum Real Estate Group, ProspectHill Group and Geolo Capital has secured a $27.3 million refinancing loan for the recently completed Kenyon Uptown, a 124-unit luxury community in Denver, Colo. JLL arranged the note on behalf of the partnership.
Developed and owned by Corum, The Kenyon came online in May 2024. Two months later, the residential property became the subject of a $25 million bridge loan issued by FirstBank, which was scheduled to mature in July 2025, Yardi Matrix data shows.
The upscale community has five stories and encompasses apartments with studio, one- and two-bedroom layouts ranging from 479 to 1,107 square feet. Out of the total unit number, 27 feature balconies and 17 have split-level mezzanines. Shared amenities include a two-story fitness center, a rooftop deck with grills and work pods.
The Kenyon is at 777 E 17th Ave., in Denver’s Uptown neighborhood. The community is located at the intersection between Clarkson Street and 17th Avenue, near the Presbyterian St. Luke’s and St. Joseph’s hospitals, as well as Kaiser Permanente Franklin Medical Center. The property is equidistant from downtown Denver and City Park, 1 mile away.
JLL Managing Directors Kristian Lichtenfels and Mark Erland led the Capital Market’s Debt Advisory team that represented the borrower.
The Denver multifamily market
As of April, the average advertised asking rent in Denver fell 0.1 percent on a trailing three-month basis, to $1,867, while the national figure rose 0.2 percent, according to the latest Yardi Matrix report. After an outstanding new supply volume in 2024, the occupancy rate in the city dropped to 93.7 percent as of March.
Meanwhile, April saw 26,731 residential units under construction in Denver and an investment volume figure that reached $525 million year-to-date, at a per-unit average of $276,458.
