JLL secures $66 million in Construction Financing for Westminster Multifamily Project

DENVER – JLL’s Capital Markets experts today announced the company secured construction financing for Ascent Apartments, a planned multifamily community for the new mixed-use development in downtown Westminster, Colorado. The financing, secured on behalf of the developer, Minneapolis-based Sherman Associates, includes a $50 million senior loan and $16.2 million in preferred equity from Everwest Real Estate Partners.

Managing Directors Baxter Fain and Ken Dayton led the JLL team on the financing.

“Multifamily product featured in mixed-use developments is extremely attractive to investors right now given tenants’ desire for walkable neighborhoods and convenient access to retail, dining and entertainment options,” said Fain. “The development in Downtown Westminster will completely revolutionize the city and establish Westminster, which is just 10 miles from downtown Denver, as a regional destination.”

Downtown Westminster is a 105-acre site that is currently being developed into a mixed-use urban downtown in the heart of Westminster. The community will comprise more than 2,000 residential units, 2 million square feet of office space, 750,000 square feet of retail and a 300-room hotel. Upon completion, Ascent Apartments will include 255 units, 25,000 square feet of ground floor retail, a fitness center, dog wash area, game room and two separate outdoor amenity decks that feature swimming pools, hot tubs and grilling areas.

Image courtesy of Sherman Associates.

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