JLL arranges $18.85 million loan for Denver apartment project

Rendering of planned Bloom at Cherry Creek Apartments, Denver, CO

DENVER, CO – JLL Capital Markets announced it has arranged $18.85 million in financing for the development of Bloom at Cherry Creek, a 111-unit, Class A mid-rise apartment property currently under construction in Denver’s Cherry Creek submarket.

JLL worked on behalf of the borrower, Botnick Realty, to secure the five-year, fixed-rate construction loan through a regional bank.

Bloom at Cherry Creek is being constructed on a 1.11-acre site at 4700 E. Kentucky Avenue, which provides immediate access to recreation amenities, including the Cherry Creek Bike Path and Infinity Park, as well as nearby access to the Cherry Creek North shopping district. 

Kristian Lichtenfels

Due for completion in mid-2021, the five-story, podium-style property will total 70,733 rentable square feet across a mix of studio, one- and two-bedroom units finished with white Shaker cabinets, quartz countertops, stainless steel appliances, luxury flooring and in-unit washers and dryers. 

Amenities will include a rooftop deck with firepit, grilling station, community kitchen, game room, fitness center and workstations.

The JLL Capital Markets team representing the borrower included Senior Directors Kristian Lichtenfels and Matt Steffen.

Matt Steffen

“We see Bloom at Cherry Creek as Botnick Realty’s next great opportunity to expand on our investment strategy in and around Denver, said Brian Botnick, Managing Member of Botnick Realty. 

“We are excited to grow our platform and continue building our team with a focus on providing quality residential communities.”

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About Botnick Realty:

For four generations and over 70-years, the Botnick Family has been building, selling, investing in and maintaining residential and commercial real estate. 

 Brian Botnick

The company started in the 1940’s as a scattered-site custom home builder and began building multifamily communities in the 60’s, many of which remain in their 2,000+ unit portfolio today.

 Over the last 10 years, Botnick Realty has built a presence of over 600-apartment units in Colorado, providing a solid foundation for future growth in the state, while maintaining a strong presence in Ohio and Georgia.

Contact: 

Olivia Hennessey

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

jll.com.