Alpine Investments Secures $12.9M Loan for 39 Units in Denver
Alpine Investments has secured a $12.99 million construction loan for the construction of 39Tenn Apartments, a 39-unit multi-housing and retail development located at 3870 Tennyson Street in the Berkeley neighborhood of Denver.
The 39Tenn development will be a total of 36,278 square feet, consisting of 39 upscale units totaling 31,633 square feet sitting atop 4,645 square feet of retail space. The development is expected to be completed in late 2021.
Boasting a sophisticated, contemporary style, units will have high-end finishes, engineered hardwood flooring, quartz countertops, European-style solid-core cabinets with soft-close hardware, high-end appliances, energy-efficient LED lighting and efficient water-source heating and cooling systems in each unit.
JLL Capital Markets worked on the assignment on behalf of Alpine Investments, to secure the construction loan with a Colorado-based bank.
The Tennyson Street corridor is a premiere entertainment district with various art galleries and retail options and has been recently acclaimed the “next hottest dining area,” due to its burgeoning restaurant scene. In addition to being an entertainment hotspot, the property is proximate to Denver’s largest employment centers, offering about 136,000 jobs, and positioned just five minutes from downtown. The population within a one-mile radius of the property is 22,181, with a 1.76 percent estimated growth rate over the next five years.
Rendering courtesy of JLL