Weekly Real Estate News
JLL announced October 26 that it arranged $333.3 million in bridge financing for Palomino Park, a 1,184-apartment portfolio in Highlands Ranch, Colorado, on behalf of a real estate fund advised by Crow Holdings Capital.
Greystar provided the floating-rate loan. According to JLL’s announcement, the financing consists of $325 million at initial funding and $8.32 million reserved for future apartment renovations. The proceeds retired existing loans and provided additional capital for improvements.
Three Communities Back the Financing
The portfolio includes Red Canyon, with 304 apartments; Green River, with 424; and Blue Ridge, with 456. The properties share the Colorado Club amenity complex. A Crow Holdings Capital-advised fund acquired the portfolio in 2021 and subsequently invested in interior and exterior improvements.
Greystar also serves as the portfolio’s third-party property manager. JLL did not disclose the interest rate or loan maturity in its announcement.
Why the Deal Matters
The refinancing is a substantial example of institutional capital remaining available for established multifamily assets, although one transaction does not establish a broader lending trend. The loan’s floating-rate structure also means the portfolio’s financing costs may change with benchmark rates.
Simple Content Summary
JLL arranged $333.3 million in bridge financing for the 1,184-unit Palomino Park apartment portfolio in Highlands Ranch, Colorado. Greystar provided the floating-rate loan to a Crow Holdings Capital-advised fund.
