Sunday, September 8, 2024

JLL Capital Markets represented RedPeak Properties in originating a $51 million Fannie Mae loan for a newly remodeled complex in Denver, CO

 

Elowyn Townhomes, a 211-unit townhome
community in southwestern Denver, CO

 DENVER, CO – JLL Capital Markets  has secured a $51.116 million financing for Elowyn Townhomes, a 211-unit townhome community in southwestern Denver, Colorado.

 

JLL worked on behalf of the borrower, RedPeak Properties, to originate the five-year, fixed-rate, full-term interest only Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC.

 

“RedPeak did an absolutely tremendous job in fully renovating this very unique 1975 vintage asset that offers large units with new finishes throughout, full basements and private back yards.  JLL is thrilled to be involved in this financing with such a great local owner and operator,” said Tony Nargi.

Tony Nargi

Situated at 4725 W Quincy Ave, Elowyn Townhomes boasts a prime location that offers convenient access to RTE-286, US-85 and I-25. 

Positioned just a few miles southwest of the Denver CBD, residents of this community enjoy proximity to the Denver Tech Center, Denver's largest employment hub.

 Being the most populous city in Colorado, Denver's multifamily market is showing signs of stability and growth.


 The vacancy rate stands at 5.55%, with 9,349 units absorbed in the past year. Rent growth has slowed due to increased supply, but still experienced 1.20% year-over-year growth. 


The construction pipeline is shrinking, and investor demand is rebounding. In the West Denver Submarket, which offers an affordable alternative to downtown, net absorption remains elevated with a vacancy rate of 5.31%. This area is attracting young professionals and families with its proximity to downtown and a vibrant mix of amenities.


Eric Tupler
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Tony Nargi and Executive Managing Director Eric Tupler.

 

For more news, videos and research resources, please visit JLL’s newsroom. 

 







CONTACT:

Gréta Kieras,

Senior Associate,

 Public Relations

Phone: +1 949 930 8498  

Email: greta.kieras@jll.com

 

 

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