Industrial Outdoor Storage Project in Loveland Secures Construction Financing
JLL Capital Markets has arranged $12.5 million in construction financing for the development of Boyd Lake Commerce Center Phase I, a 100,000-square-foot, Class A industrial outdoor storage (IOS) project located on 95 acres in Loveland.
JLL worked on behalf of the borrower, BLCC One, LLC, an affiliate of co-developers Saunders Commercial Development Company, LLC and Winslow Investments, LLC, to secure the three-year, non-recourse, floating-rate loan through a regional bank.
Once completed, the building features will include 28’ clear-height, 28 loading docks, 188 parking spaces (1.88/1,000SF), ESFR sprinkler systems, glass storefront and LED lighting. In addition, the property will include approximately four acres of outdoor yard space. Boyd Lake Commerce Center is a master-planned development that is expected to include five additional industrial buildings, one office building, one flex project and numerous build-to-suit opportunities throughout.
The property is located on Boyd Lake Avenue near the intersection of Interstate 25 and Highway 34. The site provides direct access to Highway 34, Crossroads and Highway 392 running east/west and Highway 287 and I-25 running north/south. The location provides premier regional access to I-70 (47 miles) in Denver and I-80 (48 miles) in Wyoming. The area surrounding Boyd Lake Commerce Center is supported by a strong labor market that includes more than 20 Fortune 500 companies. The area also boasts exponential population growth, both of which outpaced the national average by more than double over the past five years. The average household income within a three-mile radius of the property is $121,004 and the median home value is $480,687.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Leon McBroom.
“While the debt capital markets are still volatile, lenders are still gravitating towards ground up industrial,” McBroom said. “Lenders recognize the demand drives up and down the front range for this last mile type distribution. When “dry powder” is available, these are the types of projects that are getting financed.”