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| Aspire 7th & Grant apartments, Capitol Hill submarket, Denver, CO |
DENVER, CO – JLL
Capital Markets announced it secured a $49 million acquisition financing for
the Aspire 7th & Grant, a newly constructed, luxury
multi-housing property with ground-floor retail located in the Capitol Hill
submarket of Denver, Colorado.
JLL
represented the borrower, an institutional fund, to secure the seven-year,
fixed-rate loan through Northwestern Mutual Real Estate Investments.
The
Aspire 7th & Grant apartments were completed in 2020 and
total 178 studio, one- and two-bedroom units, averaging 882 square feet.
The apartment units are currently 74%
leased and the 3,898-square-foot attached retail is 47% leased, with the
remaining commercial space currently available for lease.
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| Leon McBroom |
The JLL Capital Markets team representing the borrower was led by Managing Director Leon McBroom.
“This was an off-market acquisition and the property was still a ways from stabilizing to qualify as an agency financing,” says McBroom.
“We were able to engage with insurance companies to underwrite and size proceeds based on stabilized metrics.
"As such, we were able to successfully secure the necessary acquisition financing that aligned with the borrower’s hold strategy.”
CONTACT:
Natalie
Passarelli,
Sr.
Associate
JLL
Public Relations
Phone: +1 224 477 7307
Email: Natalie.Passarelli@am.jll.com
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