Colorado workforce housing development moves forward with $9.95M in financing

DENVER, Dec. 2, 2021 -JLL Capital Markets announced today that it has arranged $9.95 million in financing for the development of Fireside Apartments, a garden-style multi-housing community totaling 50 workforce housing units in Winter Park, Colorado.

JLL worked on behalf of the borrower, a joint venture partnership between Consolidated Development Partners and MRE Capital, to secure the construction loan through Great Western Bank.

Due for completion in March 2023, Fireside Apartments will be located on the southeast corner of Kings Crossing Road and Wolf Park Lane at 200 Baker Dr. Winter Park is world renowned as a winter sports destination that brings one million visitors annually.

The project team partnered with the Town of Winter Park to create a unique, newly built, garden-style workforce housing property. The project will feature a mix of one- and two-bedroom units that have rents restricted at 80, 100 and 120 percent of AMI.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Director Rob Bova.

"Fireside Apartments is a unique project that really serves the needs of the local community," Bova said. "Consolidated Development Partners and MRE Capital did an excellent job working with the Town of Winter Park. Great Western Bank was an excellent partner to work with and understood the unique nature of the project."

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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