Saunders Commercial Development Co. has secured a $ 43 million loan for a project in the Denver area. Dubbed Winslow Crane Apartments, the upscale 203-unit development will be built in Englewood, Colorado.
JLL Capital Markets organized the financial package on behalf of the promoter. A local bank provided a $ 34.4 million senior construction loan for the garden-style community, while an additional $ 8.6 million in preferred stock was guaranteed by an insurance company.
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The brokerage firm’s debt and equity team responsible for the transaction included Managing Director Leon McBroom and Senior Managing Director Eric Tupler.
Scheduled for completion next year, Winslow Crane will be located at 3002 S. Huron St. Comprising a total of 12 three-story buildings, the development is expected to feature a mix of one and two-bedroom floor plans, with an average of 1,060 square feet. The plans also include a club house, a swimming pool, 92 covered parking spaces and 219 surface parking spaces.
Located in an area of opportunity, the property will be at the intersection of US highways 85 and 285, approximately 4 miles east of Interstate 25. Within walking distance of a light rail station, the community will be close to a variety of dining, shopping, and entertainment options.
In March, the Town of Englewood approved the 13,360 square foot vacancy on South Huron Street for the advancement of the project.
Since 2013, construction in the metro has been on the rise. As of April, a total of 89,900 units were in the planning or licensing phase, according to a recent Yardi Matrix multi-family report.
Some 21,185 units were under construction in April, and nearly two-thirds of them are expected to be completed by the end of the year. The remaining developments are expected to go live within the next two years.