Luxury Colorado Property Gets $61M Refi
- Jun 07, 2021
JLL Capital Markets has negotiated a $61 million refinancing for FalconView Apartments, a 288-unit Class A property in Colorado Springs, Colo. The company worked on behalf of Etkin Johnson Real Estate Partners to secure the 10-year fixed-rate permanent financing through lender MetLife Investment Management.
Built in 2020, FalconView Apartments is located at 10691 Cadence Point, roughly 60 miles south of Denver. The garden-style community features one-, two- and three-bedroom apartment units across 16 three-story buildings. The average floorplan is approximately 987 square feet, and select units feature single-car garages.
Amenities include a dog park, grilling area, garden, fitness center with yoga studio, pool and sun deck. Currently managed by Allied Orion Group, the property is One Green Globes-certified.
In 2018, the asset was subject to a $45 million, 5-year construction loan originated by PNC Bank. The following year, the bank provided a $10.8 million bridge loan and $16.9 million in LIHTC equity for Woodlands at Reid Temple in Glenn Dale, Md., an affordable senior housing community that opened its doors in early May.
Situated less than a mile from Interstate 25, FalconView is close to 3.3 million square feet of office and 695,000 square feet of retail space within a 2-mile radius. Additionally, the property has direct access to the city’s metro area and is a 15-minute drive from downtown Colorado Springs.
JLL’s brokerage team was led by Senior Managing Director Eric Tupler and Senior Director Brock Yaffe.