Greystar has obtained $99 million for the refinancing of The Fitzgerald, a 282-unit luxury multifamily community in Denver. JLL Capital Markets brokered the transaction, securing the floating-rate, three-year loan from Otera Capital.
In 2018, Greystar funded the property’s development with a $95.8 million construction loan, originated by HSBC Bank USA, according to Yardi Matrix data. JNS Architecture served as the main architect.
The 11-story building incorporates studio, one- and two-bedroom floorplans ranging between 525 and 2,761 square feet. Common-area amenities include a swimming pool, a fitness center, a wellness studio, a spa, coworking spaces, private meeting rooms, a social lounge and approximately 300 parking spaces. The Fitzgerald also has around 8,287 square feet of retail space.
Senior Managing Directors Charles Halladay, Jordan Angel and Andy Scott, Director Rob Bova and Associate Ethan Habecker led the JLL Capital Markets Debt Advisory team working on behalf of the borrower.
Another JLL Capital Markets team represented Morgan Group and LaSalle Investment Management in the sale of 4400 Syracuse Apartments, a 316-unit luxury community in Denver. MG Properties acquired the asset for $95.3 million and secured a $54.2 million Freddie Mac loan originated by JLL.
Between Lower Downtown and Central Business District
The Fitzgerald is at 1840 Market St., near the intersection of Denver’s Lower Downtown and Central Business District. The surrounding area comprises approximately 1.8 million square feet of under-construction office space and provides around 161,000 jobs in downtown Denver. Additionally, the property is near Interstate 25, which grants easy access across the Denver metropolitan area.
Spanning an entire city block between 18th Street and 19th Street, The Fitzgerald is within walking distance of retail centers, dining options, entertainment venues and transit options such as Denver Union Station, the central hub of RTD’s Light Rail System and the downtown Denver circulator bus. St. Joseph Hospital, Confluence Park, Metropolitan State University of Denver and 16th Street Mall are within a 2-mile radius from the property.
