Opus Secures $67M Refinancing for Denver Mid-Rise Apartments
The community is located near the city's Art District.
Opus Development Co. LLC, and an Ares Real Estate fund have secured a $67 million refinancing loan for Kalaco, a recently completed 280-unit multifamily community in Denver.
JLL Capital Markets secured the three-year construction take-out loan, which was provided by an undisclosed national balance sheet lender.
Kalaco, a six-story building located on 1.91 acres at 1010 West Colfax Ave. in Denver’s La Alma/Lincoln Park neighborhood, was completed in August 2024. The development includes 9,755 square feet of retail space.
Opus started construction on the property in March 2022. The company worked with the City of Denver Department of Housing Stability and Neighborhood Equity and Stabilization on the project to ensure 10 percent of the apartments would be affordable for households earning 60 to 80 percent of the area median income. Part of The Opus Group, a Minneapolis-based firm, Opus was the developer, design-builder, interior designer and architect and structural engineer of record for Kalaco.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Kristian Lichtenfels, Executive Managing Director Eric Tupler and Associate Ellie Savage.
An art-inspired property
Kalaco has a mix of studio, one-, two- and three-bedroom apartments averaging 752 square feet. Rents range from $1,618 to $4,210, with an average of $2,496, according to Yardi Matrix data.
Units feature stainless steel appliances, plank flooring, quartz countertops, walk-in closets, full-size washers and dryers, as well as private patios and balconies. Large windows offer views of the Rocky Mountains and downtown Denver.
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Community amenities include a pool with spa and sundeck, fire pits and grilling stations, two-level fitness center with a yoga studio, a co-working lounge, a social lounge, a game area and a top floor lounge and speakeasy. The property also has a courtyard with lawn games, a pet spa and an outdoor dog run. Other features include bicycle storage and repair along with a 233-space parking garage with EV charging stations.
District-wide activities
Located two blocks from the Art District on Santa Fe, Kalaco includes live-work units and gallery space to promote the work of local artists. The district is a five-minute walk from the apartment building and features galleries, restaurants and specialty shops.
Kalaco is situated across the street from the Auraria Higher Education campus, which is shared by the Community College of Denver, Metropolitan State University of Denver and the University of Colorado Denver. It is one block from Cherry Creek Trail.
The property has access to the RTD Auraria West light rail station as well as Interstates 25 and 70, as well as Highway 6. The site is close to Denver’s central business district, the Golden Triangle, an arts, culture and civic district within the Civic Center neighborhood as well as Lower Downtown Denver, a historic neighborhood known as LoDo. Kalaco residents will also be near Ball Arena, home to the Colorado Avalanche hockey team and Denver Nuggets basketball team, in addition to the new $4 billion stadium redevelopment project for the Denver Broncos.
