$75M refinancing secured for luxury multi-housing community in Denver

DENVER, Jan. 14, 2025 – JLL Capital Markets announced today that it has secured a $75 million refinancing for One Seven at Belleview Station, a 250-unit luxury mixed-use community in Denver, Colorado. The refinancing will retire the original bank construction loan.

JLL represented the borrowers, Trammell Crow Residential and Cigna, in arranging the three-year, floating-rate loan through a national life insurance company. JLL had earlier assisted TCR with the JV partnership capitalization.

One Seven at Belleview Station, located at 4882 S Newport St., is strategically positioned within the dynamic Belleview Station master-planned development, offering residents unparalleled access to 2.2 million square feet of Class A office space, 300,000 square feet of retail and the Belleview RTD light rail station. Situated just steps from I-25 and I-225, the location provides convenient commuting to Downtown Denver, Colorado Springs, Fort Collins and Denver International Airport, while also being at the heart of Colorado's largest employment center, the Southeast Business Corridor.

Spanning 0.914 acres, the community comprises 215,526 square feet of residential space and 7,062 square feet of fully leased retail area. One Seven at Belleview Station offers a mix of studios, one-, two- and three-bedroom units with an average size of 862 square feet, boasting high-end finishes such nine and a half foot ceilings, wood vinyl plank flooring, Bluetooth-enabled entry doors, roller shades, stainless steel appliances and quartz countertops along with private balconies. Residents enjoy an array of luxurious community amenities, including a large roof-top pool deck, remote work center, clubroom, wellness center, bike storage, pet spa and theater room. Currently 69% leased, One Seven at Belleview Station represents a unique, modern, amenity-rich high-rise living experience in a prime suburban Denver location.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Leon McBroom and Managing Director Mark Erland.

”Kudos to TCR and Cigna for developing a best-in-class multifamily asset,” said McBroom. “The quality of the asset and location, in conjuncture with high-calibre sponsorship, produced an incredible amount of lender interest.”

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 sales and 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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The Cigna Group (NYSE: CI) is a Fortune 15 global health service company with a $150B balance sheet and approximately $100B market cap. Cigna Realty Investors (CRI) is the real estate investment division of Cigna. CRI is a boutique real estate investor focused on delivering superior long-term returns. CRI manages a diverse real estate portfolio ($5.2B of AUM) consisting of joint venture equity partnerships/third-party managed investments ($3B), high yield investments ($150M) and commercial mortgages ($2B). The source of invested capital is Cigna's balance sheet, with the real estate team maintaining discretion over the portfolio rather than through a fund structure. CRI's strategic growth target is to achieve $8B of AUM over the next 3-5 years, predominantly through doubling its commitment to equity and high yield businesses with a particular emphasis on apartment and industrial opportunities. CRI's directly owned apartment portfolio currently includes over 3,000 units with an additional 3,000 units under construction.

Trammell Crow Residential is a leading multifamily real estate developer with a local presence in 16 key U.S. markets. Over 45 years, TCR has built more than 290,000 premier multifamily residences, delivering amenity-rich communities in economically thriving locations nationwide. TCR is part of the development platform of Crow Holdings, a privately owned real estate investment and development firm with 75 years of history, $33 billion of assets under management and an established platform with a vision for continued success. For more information, please visit www.crowholdings.com.