JLL’s Capital Markets group has arranged $333.3 million in bridge financing for Palomino Park, an irreplaceable 1,184-unit multifamily portfolio located in the highly desirable Highlands Ranch master-planned community.
JLL worked exclusively on behalf of a real estate fund advised by Crow Holdings Capital to secure the floating-rate loan through Greystar. The financing, which includes $325 million at initial funding and $8.32 million in future funding for unit renovations, retires the existing loans and provides capital for continued value-add execution across the three-community portfolio.
Palomino Park comprises three distinctive rental communities, Red Canyon, Green River and Blue Ridge, offering diverse unit mixes tailored to different renter demographics. Red Canyon features 304 luxury units with direct-access garages and a condo-style living environment. Green River comprises 424 townhome-style units with an average unit size of 1,129 square feet, the largest in the portfolio, along with 176 detached garages. Blue Ridge represents the portfolio’s largest community with 456 units averaging 1,050 square feet, featuring 181 detached garages. Since acquiring the assets in 2021, the Crow Holdings Capital-advised fund has invested significant capital in various interior and exterior capital improvements across each community.
Palomino Park is anchored by the Colorado Club, a ±26,000-square-foot central amenity facility that serves as the centerpiece of this resort-style community. The club features a resort-quality pool, club-style gym with regulation basketball court and racquetball courts, full-service bar and abundant resident gathering areas. The facility is surrounded by a 17-acre park complete with three tennis courts, two full-size sports fields and a playground.
Palomino Park’s strategic location provides residents with exceptional access to Denver’s Southeast Business Corridor, the region’s premier employment hub and Park Meadows Mall, Colorado’s premier shopping destination.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Executive Managing Director Trey Morsbach, Senior Managing Directors Campbell Roche and Tony Nargi, Senior Director Jarrod McCabe, Associate Jordan Buck and Analyst Scott Cole.
