DENVER- JLL Capital Markets announced today that it secured $54.5 million in construction financing for Tree Farm Lofts, a 196-unit, six-building multi-housing community located in Basalt, Colorado.
JLL worked on behalf of the borrower, Lang Partners and Realty Capital Residential, to secure a four-year, floating-rate, construction loan with a one-year extension. The lender, a regional bank, facilitated the loan.
With a completion date of July 2024, the property will be wood-framed construction on concrete post-tension slab foundation consisting of six buildings. The building mix will include two-, three- and four-story structures mixed throughout the development with all three- and four-story buildings served by elevators and three buildings, providing sub-grade parking. Community amenities will feature a clubhouse, ground floor retail, a leasing office, 1,900 square feet of co-working space, a fully equipped fitness center, resort style pool and spa, multiple amenity decks with fire pits, bike, kayak and ski storage and other first-class amenities.
Located at 5 Tree Farm Dr., Tree Farm Lofts is ideally situated along Highway 82 between Glenwood Springs and Aspen providing incredible access to the key economic demand drivers of the Roaring Fork Valley. Residents are just 19 miles from Glenwood Springs, 20 miles from Snowmass Village and 22 miles from downtown Aspen. Access to employment and endless recreational attractions are accessible via the Roaring Fork Transportation Authority bus line.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Eric Tupler, Leon McBroom and Brian Carlton.
“After following the progress of the Tree Farm mixed-use development for multiple years, we are excited to bring additional housing to the Roaring Fork Valley through the construction of Tree Farm Lofts,” said Richard Myers, Managing Director of Realty Capital Residential.
“The location of the development is unmatched, and entitlements for a housing project of this size is extremely rare,” said Alexander Brown, President of Realty Capital Residential. “Tree Farm Lofts will be a landmark development within the Roaring Fork Valley for years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lang Partners
Dallas-based Lang Partners, LLC, is a privately-owned multi-family real estate development firm that strengthens communities through its thoughtful approach to developing high-quality, high-density, urban multifamily properties that maximize investment value over the long-term. Since 2010, Lang has developed 2,500 units valued in excess of $500 million around DFW and in Arkansas.
About Realty Capital Residential
Realty Capital, a Dallas/Fort Worth based development firm, was founded in 1987 by Richard Myers. Since its formation, Realty Capital has developed nearly 200 projects around DFW and in Colorado, including over 3,500 residential units and more than one million square feet of commercial buildings. At any given time, Realty Capital has $100 – 250 million worth of projects under development.