JLL secures $31.8M in Construction Financing for Alta SoBo Station

Alta SoBo

DENVERJLL’s Capital Markets experts have secured $31.8 million in construction financing on behalf of a joint venture between Stockbridge and Wood Partners. The loan will be used for the development of Alta SoBo Station, a 187-unit, transit-oriented multifamily community located three miles from downtown Denver in the South Broadway submarket. Chicago-based MB financial Bank, N.A., provided the four-year, floating-rate loan. Managing Director Baxter Fain led the JLL team on the financing.

“The city has undergone an immense transformation during this cycle with unprecedented population growth in the urban core and millennials moving to Denver at a steady pace year-over- year,” said Fain. “Lenders have become selective for ground-up apartments, but capital is available to make high-quality projects like Alta SoBo Station happen.”

Alta SoBo Station is located a half mile from Interstate 25 and a five-minute walk from the Alameda light rail station. It will provide residents access to both the Central Business District and Denver Tech Center, responsible for much of the city’s 3-plus percent job growth in recent years.

Since 2006, Denver’s population has grown by more than 1.6 percent annually, more than double the national annual rate. Denver’s unemployment rate remains just above 3 percent.

When completed, the building will feature community amenities such as a pool and hot tub, outdoor grilling areas, a game room, two-level fitness center and a bar area. Units will feature hardwood flooring, full-size washer and dryer, and a balcony or patio for every unit.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in- class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

Image courtesy of Womack and Hampton Architects.

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