Saunders Commercial Development Company has received $43.2 million in structured construction financing for the development of its latest project, Ten West Greeley Apartments, a 264-unit, Class A, garden-style multi-housing property in Greeley.
The Ten West Greeley Apartments project — designed by Denver-based EVStudio — is being developed on a 10.15-acre site at 6600 8th Ave within the City Center West master-planned community. The location benefits from being one of the largest cities in northern Colorado and provides access to more than 7,100 employers within a 20-minute drive.
Due for completion in 2021, the three-story property will have 64 garages in addition to 408 surface parking spaces. High-quality units will feature open floor plans averaging 882 square feet with modern finishes, including stainless-steel appliances, walk-in closets, plank flooring, full-size washers and dryers, and private balconies. This amenity-rich community will also include a resort-style pool, outdoor fire pit and lounge area, clubhouse, large entertainment area, fitness center, wet bar and dog wash.
JLL worked on behalf of the developer to secure the approximately $32 million, floating-rate senior loan through a national bank and the $11.2 million preferred equity loan through a specialty financing group. The JLL Capital Markets debt placement team representing the developer consisted of Senior Director Leon McBroom and Senior Managing Director Eric Tupler.
