Saunders Receives Construction Financing for 203-Unit Apartment Community in Englewood
Saunders Commercial Development Company has received $43 million in structured construction financing for the development of Winslow Crane Apartments, a 203-unit, Class A, garden-style multi-housing community in Englewood.
Winslow Crane Apartments will feature unparalleled amenities and finishes. Once completed in 2022, the three-story property will consist of one- and two-bedroom units ranging from 546 to 1,573 square feet along with 92 garage parking spaces and 219 surface parking spaces.
Located at 3002 South Huron St., the community offers easy access to a wide variety of nearby amenities, including more than 490,000 square feet of local and national retailers, some of the area’s top restaurants, popular entertainment venues, and outdoor areas such as the Gothic Theatre and the South Platte River Trail.
The Englewood submarket offers residents an affordable, value-oriented alternative to downtown Denver, and the area has consistently ranked among the top-performing submarkets throughout the metro area. Winslow Crane Apartments is just north of the convergence of US-85 and Hampden Avenue, allowing for phenomenal visibility and access to both the broader southern metro area and downtown Denver. The property is also just a few minutes walk from the Englewood RTD Light Rail Station, providing residents unrivaled optionality for a commute to the greater Denver area.
Managing Director Leon McBroom and Senior Managing Director Eric Tupler with JLL represented Saunders to secure a $34.40 million senior construction loan through a local bank. Additionally, JLL placed $8.55 million in preferred equity through an insurance company.
“We had numerous local, regional, and national banks show interest on the bank senior,” McBroom said. “We also had a deep pool of groups interested in the preferred equity. The Denver multi-housing market fundamentals are on fire, and lenders are very active lending on multi-housing construction opportunities.”