Colorado Development Scores Construction Financing
- Dec 18, 2019
Saunders Commercial Development Co. has secured $43.2 million construction financing for its project in Greeley, Colo., Ten West Greeley Apartments. The 264-unit, Class A, three-story garden-style property is being developed on a 10.2-acre site within the City Center West master-planned community.
JLL worked on behalf of Saunders to secure a $32 million floating-rate loan from a national bank. The services firm gained an additional $11.2 million preferred equity loan through a specialty financing group. This comes days after JLL provided financing for a New York City memory care facility.
“The biggest hurdle was educating capital on Greeley,” Leon McBroom, JLL senior director, told Multi-Housing News. Located about 50 miles north-northwest of Denver, Greeley is one of Northern Colorado’s biggest cities. More than 7,100 employers are within 20 minutes.
“The strong population growth coupled with the limited new supply, (along with) a very reputable sponsorship in Saunders,” helped JLL surmount the obstacles, he added.
Floorplans averaging 882 square feet will feature walk-in closets, plank flooring, stainless steel appliances, full-size washers and dryers and private balconies. The property will include 64 garages, which will augment 408 surface parking spaces. An outdoor fire pit and lounge area is among the leading amenities of the asset.
Slated for completion in 2021, Ten West Greeley Apartments is located a short distance from a number of recreational amenities including the Family FunPlex, Youth Sports Complex, Greeley Country Club and Montfort Park. Colleges and universities in the area include University of Northern Colorado and Aims Community College. Colorado State University in Fort Collins is about 20 miles away.
Representing the developer was a JLL Capital Markets debt placement team featuring McBroom and Eric Tupler, senior managing director.