DENVER — JLL Capital Markets has arranged $333.3 million in bridge financing for Palomino Park, a 1,184-unit multifamily portfolio located in Highlands Ranch, an unincorporated, master-planned community 12 miles south of Denver. Greystar provided the floating-rate loan for the borrower, a real estate fund advised by Crow Holdings Capital. The financing, which includes $325 million at initial funding and $8.3 million in future funding for unit renovations, retired existing loans and provides capital for continued value-add projects across the three-community portfolio.
The portfolio includes:
- Red Canyon with 304 units with direct-access garages and condo-style living environment,
- Green River with 424 townhome-style units and 176 detached garages,
- Blue Ridge with 456 apartments and 181 detached garages.
The communities are anchored by the Colorado Club, a 26,000-square-foot central amenity facility with a resort-style pool, a gym with regulation basketball court and racquetball courts, a full-service bar and resident gathering areas. Additionally, the facility is surround by a 17-acre park with three tennis courts, two full-size sports fields and a playground.
Since acquiring the assets in 2021, the borrower has invested significant capital in various interior and exterior capital improvements across each community.
Trey Morsbach, Campbell Roche, Tony Nargi, Jarrod McCabe, Jordan Buck and Scott Cole of JLL represented the borrower in the financing.