August 8, 2019 – JLL announces it has arranged financing totaling $50.4 million for the development of Farm Haus, a 280-unit, Class A apartment project in the north Denver suburb of Longmont, Colorado.
JLL worked on behalf of the developer, a joint venture between Massimino Development and Origin Investments, to place the higher leveraged structured floating-rate construction financing. The financing featured no repayment guaranty and a 36-month loan with two 12-month extension options.
Farm Haus will be constructed on a 13.52-acre parcel at the northwest corner of East 3rd Avenue and Great Western Drive just south of E. Ken Pratt Boulevard (Route 119). Due for completion in 2021, the property will feature a modern farmhouse design while incorporating resort-style amenities and lush landscaping. Interior amenities will include a lobby with expansive windows overlooking the grand exterior patio, pool terrace, tree orchards and Lone Peak that leads into a resident lounge and clubhouse equipped with billiards and gaming space and demonstration kitchen with flexible dining or co-working space. Outdoor amenities include built-in barbecues, resort-style pool with multiple water features, pool house with built-in bar, outdoor TVs and games, playground, dog park and several landscaped “pocket” parks with seating.
Residences will feature master suites with spacious walk-in closets, double vanities, oversized tubs, charging stations, nine-foot ceilings, full-sized washers and dryers, large modern kitchens, designer cabinets, stainless steel appliances, pendant lighting, designer flooring, private balconies and Bluetooth keyless entry. Of the 280 units, 247 will be market-rate and 33 will be designated as affordable. The four-story property is less than three miles from downtown Longmont and is a short drive to the Longmont Park-n-Ride.
The JLL Capital Markets team representing the developer was led by Managing Director Josh Simon and Senior Director Leon McBroom.