Key Takeaways
- • Opus Development Co. LLC and an Ares Real Estate fund secured a $67 million three-year construction take-out refinancing loan for Kalaco, a 280-unit mid-rise multifamily community in Denver, Colorado, arranged by JLL Capital Markets.
- • Kalaco, delivered in August 2024, is a six-story apartment building with studio through three-bedroom units averaging 752 square feet, located at 1010 West Colfax Avenue directly across from the Auraria Higher Education Campus.
- • The property benefits from strategic Denver location positioning—blocks from the central business district, walking distance to the Art District on Santa Fe and Lower Downtown, with convenient access to Interstates 25 and 70, Highway 6, and light rail service at Colfax @ Auraria Station.
- • On-site amenities include a 233-space parking garage, resort-style pool and spa, two-level fitness center with yoga studio, co-working lounge, EV charging stations, and pet spa, targeting modern multifamily resident expectations.
- • The refinancing was provided by an undisclosed national balance sheet lender, with JLL's debt advisory team led by Managing Director Kristian Lichtenfels, Executive Managing Director Eric Tupler, and Associate Ellie Savage.
Summary
Opus Development Co. LLC, in partnership with an Ares Real Estate fund, has secured $67 million in refinancing for Kalaco, a recently completed 280-unit multifamily community in Denver. JLL Capital Markets arranged the three-year construction take-out loan from an unnamed national balance sheet lender, marking the transition from construction to permanent financing for the mid-rise asset.
Kalaco, delivered in August 2024, represents a modern mid-rise multifamily development with six stories offering a range of unit types from studios to three-bedroom floor plans, with an average unit size of 752 square feet. Each unit is appointed with stainless steel appliances, luxury plank flooring, quartz countertops, walk-in closets, full-size in-unit laundry, and private patios or balconies with views of the Rocky Mountains and downtown Denver skyline. The community sits on 1.91 acres and features comprehensive amenities including a 233-space parking garage, resort-style sundeck with pool and spa facilities, two-level fitness center with integrated yoga studio, co-working lounge, social lounge, game area, top-floor speakeasy lounge, EV charging infrastructure, and dedicated pet spa with outdoor dog run.
The property's competitive positioning derives from its West Colfax Avenue location directly across from the Auraria Higher Education Campus, placing it blocks from Denver's central business district and within walking distance of major cultural and entertainment districts including the Art District on Santa Fe, the Golden Triangle, and Lower Downtown Denver. Transit accessibility is enhanced by light rail service at Colfax @ Auraria Station, while vehicle access to Interstate 25, Interstate 70, and Highway 6 provides regional connectivity. Proximity to Ball Arena and the Broncos' stadium master redevelopment project adds long-term neighborhood development upside.
JLL Capital Markets' debt advisory team managing the transaction included Managing Director Kristian Lichtenfels, Executive Managing Director Eric Tupler, and Associate Ellie Savage, working on behalf of the borrower partnership. The construction take-out structure signals the property's successful completion and leasing, warranting transition to permanent long-term financing.
Kalaco, delivered in August 2024, represents a modern mid-rise multifamily development with six stories offering a range of unit types from studios to three-bedroom floor plans, with an average unit size of 752 square feet. Each unit is appointed with stainless steel appliances, luxury plank flooring, quartz countertops, walk-in closets, full-size in-unit laundry, and private patios or balconies with views of the Rocky Mountains and downtown Denver skyline. The community sits on 1.91 acres and features comprehensive amenities including a 233-space parking garage, resort-style sundeck with pool and spa facilities, two-level fitness center with integrated yoga studio, co-working lounge, social lounge, game area, top-floor speakeasy lounge, EV charging infrastructure, and dedicated pet spa with outdoor dog run.
The property's competitive positioning derives from its West Colfax Avenue location directly across from the Auraria Higher Education Campus, placing it blocks from Denver's central business district and within walking distance of major cultural and entertainment districts including the Art District on Santa Fe, the Golden Triangle, and Lower Downtown Denver. Transit accessibility is enhanced by light rail service at Colfax @ Auraria Station, while vehicle access to Interstate 25, Interstate 70, and Highway 6 provides regional connectivity. Proximity to Ball Arena and the Broncos' stadium master redevelopment project adds long-term neighborhood development upside.
JLL Capital Markets' debt advisory team managing the transaction included Managing Director Kristian Lichtenfels, Executive Managing Director Eric Tupler, and Associate Ellie Savage, working on behalf of the borrower partnership. The construction take-out structure signals the property's successful completion and leasing, warranting transition to permanent long-term financing.
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