Wintrust Lends $45M for Colorado Apartments Project

The Garrett Companies has secured $45 million of construction financing for a planned apartment community in suburban Denver, Commercial Observer has learned.

Wintrust provided the loan for the developer’s 224-unit multifamily project in Longmont, Colo. The garden-style apartment project is roughly 35 miles from Denver and slated for completion in 2027.

At 245 Bountiful Avenue, 15 miles northeast of the University of Colorado Boulder campus, the development will include one-bedroom to three-bedroom apartment options with 12 percent of the units income restricted. Community amenities will include a pool, spa with cabanas, fitness center, pickleball court and dog park. 

It’s a busy time for Garrett Companies, as the developer also landed a $28 million construction loan from The National Bank of Indianapolis for another garden apartment development in Colorado Springs, Colo. Like Longmont, the city is considered part of the state’s Front Range area of the southern Rocky Mountains. 

Located at the corner of Rio Vista Drive and Barnes Road 15 miles from the Air Force Academy, the 163-unit project is projected for completion in late 2026. Property amenities will feature a pool, spa with cabanas, fitness center, clubhouse lounge, billiards room, arcade games, coworking rooms and private office spaces.

“We continue to be high on the Front Range, and love these two locations, which meet our strict criteria for market demand,” Rob Martinson, president of The Garrett Companies, said in a statement. “We look forward to bringing these vibrant new multifamily communities to life.”

Officials at Wintrust and The National Bank of Indianapolis did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.