Trailbreak Partners JV Refinances Denver-Area Luxury Property
In 2020, the asset became subject to a $42.5 million construction loan.
A joint venture between Trailbreak Partners and Highland Development Co. has landed a Fannie Mae loan for the refinancing of Traverse Apartments, a 281-unit luxury community in Lakewood, Colo. Working on behalf of the borrower, JLL Capital Markets secured the fixed-rate note that will be serviced by JLL Real Estate Capital LLC. The property’s existing debt consists of a $42.5 million construction loan from Pacific Western Bank, according to Yardi Matrix data.
Completed in 2022, the five-story community comprises studio, one- and two-bedroom floorplans ranging from 391 to 1,157 square feet. Apartments feature walk-in closets, in-unit washers and dryers, stainless-steel appliances and quartz countertops, as well as private balconies for select units. Common-area amenities include a fitness center, two swimming pools, a spa, a clubhouse and a coworking lounge, along with EV charging stations and 362 parking spaces.
Located at 5495 W 10th Ave., the property is close to Highway 6 and roughly 6 miles from downtown Denver. It is also adjacent to the Sheridan Station light rail stop providing access to various points of interest throughout the metro. Lakewood Country Club, as well as several retail and dining options, are within walking distance.
Director Rob Bova led the JLL Debt Advisory team that arranged the financing. In prepared remarks Bova emphasized the demanding process of landing the refinancing, citing market volatility and interest rates as causes. He was recently involved in securing a $24.3 million construction loan for a luxury Denver development.