JLL Capital Markets recently secured a $40 million refinancing of Griffis Belleview Station, a 238-unit multifamily community in Denver.
JLL represented the borrower, Griffis Residential, in arranging the seven-year, fixed-rate loan through a correspondent life company lender.
Griffis Belleview Station, located at 4400 S Monaco St. in Denver’s DTC/Southeast Corridor submarket, is strategically positioned within walking distance of the Belleview RTD rail station. The transit-oriented community provides residents direct access to downtown Denver via the E and F rail lines, with service every 15 minutes and a 35-minute ride to Union Station. The property sits at the heart of Colorado’s largest employment center, the Southeast Business Corridor, which supports more than 240,000 employees and accounts for 30% of Colorado’s GDP.
Built in 1999, the garden-style community consists of 11 three-story buildings on 11.20 acres and maintains strong occupancy at 94.96%. The property offers both traditional apartment homes and multi-level townhomes with direct-access garages. Residents enjoy resort-style amenities including a year-round pool, all-season spa, fitness center, off-leash dog park, outdoor grilling stations and clubhouse facilities. The community is adjacent to the Belleview Station master-planned development, which, upon completion, will feature 2.2 million square feet of office space, 300,000 square feet of retail, and two hotels.
Griffis Residential has demonstrated strong commitment to the asset, investing nearly $2.55 million in capital improvements since 2022. The sponsor has renovated 157 units, representing 66% of the community, in two phases that command rent premiums ranging from $85 to $160 per month.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Kevin Barron, Executive Managing Director Eric Tupler and Associate Jake Martin.
“This transaction highlights the strength of well-located, transit-oriented multifamily assets in Denver’s core employment corridors,” said Barron. “Griffis Residential’s long-term ownership and substantial capital investment program have positioned this community for continued success.”
