Developer Alpine Investments has received $24.9 million in construction financing for the development of a 119-unit, Class A, mid-rise apartment complex in the south Denver community of Englewood.
JLL worked on behalf of Alpine Investments, to secure a $24.9 million30-month, floating-rate, non-recourse construction loan through a national bank, led by Senior Managing Director Leon McBroom and Associate Kevin Barron.
Scheduled for completion in the spring of 2023, the six-story multifamily property will be cast-in-place concrete with exterior brick, stucco and metal panel finishes in a neutral palette. The property will showcase a sophisticated interior package, and units will feature stainless steel appliances, including gas ranges, in-unit washers and dryers, and spacious kitchens, bathrooms and closets. The community will offer a six-story parking garage with electric car charging stations, private and semi-private work-from-home options, an indoor/outdoor rooftop lounge and patio, and a state-of-the-art fitness center.
Situated along East Hampden Avenue, the federally designated Opportunity Zone is one block from US 285, one of Englewood’s primary thoroughfares, providing visibility and access to the broader metro through connectivity to Interstates 25 and 70 and US-85. The location also offers 12 Regional Transportation District bus stops within a half-mile of the property, as well as close access to the Englewood RTD Light Rail Station. The property is also conveniently surrounded by several of Englewood’s top employers including Swedish Hospital and world-renowned Craig Hospital.
“Once built, Alpine’s project will be one of the most sought-after apartment communities in the area, providing great access to some of Englewood’s key employers like Swedish Medical Center and Craig Hospital,” McBroom said. “It is also proximate to some of the strongest income demographics in the Denver metro with its proximity to Cherry Hills. We had tremendous lender interest in this opportunity.”