New $65.5 Million Multifamily Development Planned for Denver’s River North Art District

News Summary

JLL Capital Markets has secured $65.5 million for a new multifamily development at 3850 Blake in the River North Art District. This 16-story building will feature 310 housing units, 40% of which will be affordable for residents earning 70% of the area median income. Set for completion in 2027, the project is positioned to enhance urban living with extensive amenities, transit accessibility, and a focus on community engagement.

Construction Financing Secured for New Denver Multifamily Development

JLL Capital Markets has successfully secured $65.5 million in construction financing for a new multifamily project known as 3850 Blake in Denver’s River North Art District (RiNo). This development promises to deliver 310 new housing units and is categorized as Class A multifamily housing, aimed at meeting the growing demand for luxury rental options in the area.

Project Overview

Located at the intersection of Blake Street and 38th Street, 3850 Blake will rise 16 stories high and will offer a mix of living spaces including studio, one-bedroom, and two-bedroom units. The average unit size is expected to be around 563 square feet, providing efficient urban living solutions suitable for various lifestyles. This multifamily development is anticipated to be completed by the third quarter of 2027.

Affordability Features

In a bid to cater to a more diverse population, nearly 40% of the residences are planned to be priced affordable for individuals earning 70% of the area median income (AMI), with over 70% of the units designed for those earning below 100% AMI. This initiative reflects a broader commitment to affordable urban living in Denver, ensuring that a range of residents can find suitable housing options within the busy city landscape.

Amenities and Community Impact

The development will not only focus on living space but also aims to offer a highly amenitized urban living experience. Residents will benefit from an impressive 12,000 square feet of amenity space that includes an elevated pool deck with breathtaking mountain views, a well-designed clubhouse, and dedicated co-working zones. An indoor and outdoor fitness center will help meet the active lifestyle needs of residents, while a community-focused lobby is set to foster engagement among neighbors.

Location and Transportation Access

Strategically positioned, 3850 Blake offers convenient transit access, being just steps away from the 38th & Blake RTD light rail station. This proximity to public transport provides residents with easy accessibility to central hubs such as Union Station and Denver International Airport, enhancing the appeal of this new development for both local and commuting residents.

Market Context

The construction of 3850 Blake comes at a time of significant population growth in RiNo, which saw 26,000 new residents move to the area between 2019 and 2020. The neighborhood is ripe for development, surrounded by an exciting array of over 150 restaurants, bars, galleries, and entertainment venues within a 10-block radius. This vibrant atmosphere is expected to attract new residents and enhance community life.

Financing and Land Purchase

The parcel of land for the 3850 Blake development was purchased by 3850 Blake Owner LLC for $9.6 million in April 2022. JLL not only facilitated the financing but also played a crucial role in representing the borrower, Formativ, in this financial arrangement. The Debt Advisory team from JLL, led by experts in the field, has been pivotal in navigating the complexities of this multifamily financing project.

Conclusion

With an increasing demand for multifamily housing in urban Denver, construction financing for 3850 Blake marks a significant step towards meeting the housing needs of the growing population in RiNo. By focusing on affordable units alongside a wealth of amenities, this development is set to contribute positively to the community while reflecting broader market trends in urban living.

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Additional Resources

• Denver Post: New $65.5 Million Multifamily Development Planned for Denver’s River North Art District
• Wikipedia: General Knowledge
• CoStar: Denver’s Multifamily Market
• Encyclopedia Britannica: General Knowledge
• Commercial Observer: Affinius Capital $112M Loan
• Google Search: Denver multifamily real estate
• Mile High CRE: New Apartments in Downtown Denver
• JPMorgan: Denver Multifamily Market Outlook