JLL Secures $333.3 Million Financing for 1,184-Unit Palomino Park Portfolio
JLL has arranged $333.3 million in bridge financing for Palomino Park, a 1,184-unit multifamily portfolio in the Highlands Ranch master-planned community near Denver, Colorado.
The financing was secured by JLL's Capital Markets team on behalf of a real estate fund advised by Crow Holdings Capital. Greystar provided the floating-rate loan, which includes $325 million at initial funding and an additional $8.32 million in future funding earmarked for unit renovations.
The transaction replaces existing loans and provides capital for continued value-add improvements across the three residential communities that make up Palomino Park.
Three communities make up the portfolio
Palomino Park consists of Red Canyon, Green River and Blue Ridge, each offering a different residential layout and unit mix.
Red Canyon has 304 luxury apartments, featuring direct-access garages and a condominium-style living environment.
Green River comprises 424 townhome-style units. With an average unit size of 1,129 square feet, it has the largest homes in the portfolio. The community also includes 176 detached garages.
Blue Ridge is the largest of the three communities, with 456 units averaging 1,050 square feet. It features 181 detached garages.
The three properties together account for the portfolio's 1,184 residential units.
Continued improvements across Palomino Park
The fund advised by Crow Holdings Capital acquired the assets in 2021. Since then, it has invested capital in interior and exterior improvements across all three communities.
The latest financing provides further support for this value-add strategy, with a dedicated future funding component for renovations. The $8.32 million allocation is part of the overall financing package rather than an additional loan beyond the announced $333.3 million.
JLL's Capital Markets Debt Advisory team representing the borrower was led by Executive Managing Director Trey Morsbach. The team also included Senior Managing Directors Campbell Roche and Tony Nargi, Senior Director Jarrod McCabe, Associate Jordan Buck and Analyst Scott Cole.
The transaction covers a substantial multifamily portfolio within the Highlands Ranch community, bringing together three distinct rental properties under one financing arrangement.
Also located in Palomino Park is the Colorado Club, which is an amenity center of about 26,000 sq. ft. occupying the residents of all three communities. Its facilities include a resort-style swimming pool, a gym with a regulation basketball court, racquetball courts, a full-service bar and shared gathering spaces. The surrounding 17-acre park has three tennis courts, two full-size sports fields and a playground.
Additionally, the residents can enjoy easy access to the region of Denver, where the Southeast Business Corridor is located, including the Park Meadows Mall.
