Shea Properties Lands $125M for Downtown Denver Tower
JLL Capital Markets arranged the loan for a 359-unit luxury high-rise in the heart of Colorado's capital.
The owner of a high-rise residential tower in downtown Denver, Colo., has secured $125 million in financing for the project. The Quincy, a 359-unit rental community completed in 2018, is owned and managed by Southern California based real estate firm Shea Properties.
JLL Capital Markets arranged the 10-year, 3.4 percent fixed-rate loan with a life insurance company lender on behalf of the borrower, a joint venture between 1776 Curtis LLC and Pacific Life Company. The loan will be used to refinance the partnership’s construction loan.
The financing comes about a year after Shea Properties opened Tangent Apartments, a 140-unit apartment community situated in Southeast Denver near the Denver Tech Center.
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Located at the corner of Curtis and 17th Streets in the Five Points/North Capitol Hill neighborhood, the 28-story apartment community features a mix of studio, one-, two- and three-bedroom units that average 872 square feet in size. Unit interiors have high-end finishes including stainless steel appliances, slab granite countertops, walk-in closets, front-loading washers and dryers and keyless entry. Penthouse units at the property feature wine coolers, hardwood floors, fireplaces and private balconies with outdoor grills.
The LEED Green proposed property is currently 94 percent occupied, according to data from Yardi Matrix. Resident amenities at The Quincy include a swimming pool, spa, outdoor kitchen, fire pits, game room, resident lounge, fitness center, pet spa, business center and 24-hour concierge service.
A JLL Capital Markets team of Eric Tupler and Kristian Lichtenfels represented the borrower in the refinancing.
Denver’s multifamily market has continued to show strength, buoyed by the city’s strong economic growth. As of the second quarter of 2019, there were 23,183 multifamily units under construction in the metro, while average monthly rents grew 3.8 percent year-over-year, according to a Colliers Q2 report.