VareCo Secures $55M Refi for Denver Community
The Iris underwent renovations last year.
VareCo has secured $55.2 million for the refinancing of The Iris, a 276-unit multifamily community in Arvada, Colo. JLL Real Estate Capital, a Fannie Mae DUS lender, is servicing the 10-year, fixed-rate, full-term and interest-only loan.
The company purchased the property for $74 million in 2021, according to Yardi Matrix data. Two Harbors Investment originated the $55.5 million acquisition loan, the same source shows.
Completed in 1970 and renovated last year, The Iris comprises six buildings on a 12.6-acre site. The garden-style community incorporates one-, two- and three-bedroom apartments between 560 and 1,034 square feet. The units feature washers and dryers, wood-style floors, quartz countertops and stainless-steel appliances. The common-area amenities include a swimming pool, a playground, a volleyball court, a basketball court, picnic areas, laundry facilities and parking.
Located at 9700 W. 51st Place in Denver’s Arvada submarket, the property is close to an abundance of dining options, retail centers and green areas. The community is situated near Interstate 70, which provides easy access across the Denver metropolitan area.
A JLL Capital Markets Debt Advisory team led by Managing Director Tony Nargi and Director William Haass arranged the financing for the borrower. A different JLL Capital Markets team recently arranged another fixed-rate loan serviced by JLL Real Estate Capital LLC, in the Denver area. The company secured the funds for Trailbreak Partners and Highland Development Co., for the refinancing of a 281-unit community in Lakewood, Colo.