South Denver Project Gets $45M in Construction Financing
The package includes a construction loan from a local bank and preferred equity through an insurance company.
Saunders Commercial Development Co. has secured a $43 million loan for a Denver-area project. Dubbed Winslow Crane Apartments, the 203-unit upscale development will be erected in Englewood, Colo.
JLL Capital Markets arranged the financing package on behalf of the developer. A local bank provided a $34.4 million senior construction loan for the garden-style community, while another $8.6 million in preferred equity was secured through an insurance company.
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The brokerage firm’s debt and equity team responsible for the transaction included Managing Director Leon McBroom and Senior Managing Director Eric Tupler.
Slated for completion next year, Winslow Crane will be situated at 3002 S. Huron St. Encompassing a total of 12 three-story buildings, the development is set to feature a mix of one- and two-bedroom floorplans, with an average of 1,060 square feet. Plans also call for a clubhouse, a swimming pool, 92 covered and 219 surface parking spaces.
Located within an opportunity zone, the property will sit at the intersection of US Routes 85 and 285, roughly 4 miles east from Interstate 25. Within walking distance of a light rail station, the community will be close to a variety of dining, shopping and entertainment options.
In March, the City of Englewood approved the vacation of 13,360 square feet on South Huron Street for the advancement of the project.
Since 2013, construction in the metro has been on the rise. As of April, a total of 89,900 units were in the planning or permitting stages, according to a recent Yardi Matrix multifamily report.
Some 21,185 units were under construction as of April, with almost two-thirds of them expected to be completed by the end of the year. The remaining developments are slated to come online in the following two years.