Two-phased Phenix at Infinity Park Receives $22.86M Funding
JLL has arranged $22.86 million in financing for Phenix at Infinity Park I and II, two adjacent multi-housing properties totaling 185 units in the Denver suburb of Glendale.
Working on behalf of Glendale-based Slipstream Properties, JLL arranged two 10-year, interest-only, fixed-rate loans through Freddie Mac’s Green Advantage program. The loans will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds were used to refinance existing loans on the properties.
The Phenix at Infinity Park I and II are situated along East Mississippi Avenue and South Dahlia Street, one block southeast of Infinity Park, a sports, entertainment and events venue. In addition, the properties are two miles from the high-end Cherry Creek Shopping Center and approximately five miles southeast of downtown Denver. Phase I was most recently renovated in 2011 and Phase II was renovated in 2014. The buildings comprise a variety of one- and two-bedroom units, which are 97 percent occupied overall. Community amenities include a swimming pool, dog park, grilling areas and courtyards.
The JLL Capital Markets team representing the seller was led by Senior Director Kristian Lichtenfels.