Otéra Capital Provides $99M for Greystar Multifamily Refinancing in Denver
Financing will go toward The Fitzgerald, a 282-unit luxury rental in the LoDo neighborhood
By Brian Pascus November 15, 2023 3:14 pm
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Greystar Real Estate Partners has secured a $99 million refinancing on an 282-unit, 11-story luxury apartment complex in Downtown Denver.
Otéra Capital provided the three-year, floating-rate loan, while JLL (JLL) Capital Markets arranged the transaction on behalf of Greystar.
“Despite a higher interest rate environment, best-in-class borrowers, such as Greystar, have many options for financing high-quality housing projects,” said Jordan Angel, senior managing director at JLL, in a statement. “We are deeply grateful to Greystar for putting their trust in JLL to finance this asset for them and Otéra for being a great partner.”
Located at 1840 Market Street in the bustling mixed-use historic district of Denver’s LoDo neighborhood — which includes landmarked buildings, Beaux Arts pubs, Union Station, the famous Oxford Hotel, and Coors Field — The Fitzgerald spans an entire city block between 18th Street and 19th Street. The building was completed in 2021.
“The Fitzgerald’s location, quality and amenity offering created significant demand from lenders,” added Angel.
The luxury multifamily property’s nearly 300 units average 963 square feet and range from studios to two-bedroom apartments. Building amenities include indoor and outdoor fitness studios, coworking spaces, business centers, a pool deck and spa, and a fire pit.
The move to refinance at The Fitzgerald marks another feather in the cap for Greystar, the Charleston, S.C.- based real estate behemoth that holds a portfolio of more than 726,000 units in the United States and assets of $75 billion globally.
Earlier this year, Greystar spent $92 million for a 448-unit multifamily complex in Palm Beach Gardens and another $56 million on a 350-unit multifamily complex in Broward County, Fla.
Greystar did not respond to requests for comment about the transaction.
Brian Pascus can be reached at bpascus@commercialobserver.com
