Greeley Apartment Community Refinanced
JLL Capital Markets has arranged the refinancing of Gateway Place Phase II Apartments, a 144-unit, three-story, garden-style multi-housing community in Greeley. JLL worked on behalf of the borrower, Morgan Energy to secure the $21.258 million, 10-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Gateway Place Phase II is part of a two-phase community adjacent to the original Gateway Place Phase I. Constructed in 2020, the 6-building Gateway Place II offers one- and two-bedroom units with spacious floor plans, vaulted ceilings and skylights, built-in desks, private balconies and patios, quartz countertops, stainless steel appliances, in-unit washers and dryers and faux vinyl plank flooring. Community amenities include a resort-like clubhouse, a pool and hot tub, an entertainment lounge, a sun deck, grilling stations and picnic area, a dog park and a business center.
Situated at 3755 25th St., the central location provides residents with convenient access to every part of Greeley with downtown directly to the east and some of the region’s largest employers concentrated to the north and west of the property. The community is located less than a quarter mile from US-34 which is Greeley’s main thoroughfare, providing access to both downtown Greeley, and the I-25 junction.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Eric Tupler.
“I am thrilled to have long-term debt on both phases of the project and the ability to offer a varied product in a single development will provide options to a wide range of renters,” commented Tom Morgan, principal of Morgan Energy. “The JLL team did a tremendous job in placing this loan and meeting my long-term objectives through a challenging market environment.”