Graycliff and Buligo JV Land $53M for Multifamily Community in Colorado
A joint venture between Graycliff Capital Partners and Buligo Capital Partners has landed a $52.7 million loan for its newly built Class A multifamily community in Johnstown, Colo., Commercial Observer has learned.
ACRE provided the loan for the 252-unit Johnstown Plaza through its debt fund ACRE Credit I. CBRE (CBRE) brokered the deal with a team led by David Zimmerman, Cliff Joyner and William Bould.
“With significant economic growth and development in the last three years, Johnstown has established itself as an increasingly sought-after place to live in the greater Denver-Fort Collins area,” said Daniel Jacobs, managing partner at ACRE, in a statement. “As the town’s population continues to grow, the need for an increased supply of high-quality rental housing is inevitable.”
Johnstown Plaza is a garden-style apartment community near Loveland, Colo., with resident amenities that include basketball courts, a swimming pool and a dog park. The property’s address at 5150 Ronald Reagan Boulevard neighbors a Target, the Outlets at Loveland retail center and Chapungu Sculpture Park.
ACRE Credit I was raised with the intention of deploying capital to multifamily transactions at various stages of an investment’s life cycle, with a specific focus on secondary markets. Thus far, the fund has raised $509 million of equity, with a closed and forward-looking originations pipeline of $2 billion.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
