Luxury Denver Project Secures Construction Financing
The site is roughly 3 miles from downtown.
Trailbreak Partners has secured $24.3 million in construction financing for 32nd and Eliot, a 124-unit luxury multifamily development in Denver. JLL arranged the loan through FirstBank on behalf of the borrower. As reported by Business Den, Trailbreak acquired the site from Habitat for Humanity for $6 million.
The three-story project is expected to offer studio, one- and two-bedroom floorplans averaging 647 square feet. Apartment interiors are designed to include stainless steel appliances, in-unit washers and dryers, LVP flooring, balconies and walk-in closets. Common-area amenities are slated to encompass a fitness center, swimming pool, roof deck, clubhouse and remote working spaces. Twelve units will be designated as affordable, targeting individuals that earn at or below 80 percent of the area median income.
Located at 3245 N. Eliot St., the site is in Denver’s Highlands neighborhood and within walking distance of the Commons Park. Situated off North Federal Boulevard, it is roughly 3 miles from downtown Denver. Its proximity to Interstate 25 offers access to various employers and points of interest throughout the metro.
JLL Director Rob Bova lead the team that arranged the financing. In prepared remarks, Bova stated that 32nd and Eliot maximizes an infill site while also mentioning the need for supply in the market. Throughout 2022, Denver’s multifamily market stayed strong and continued to register rent growth.