Opus, Ares Secure $67M Loan to Take Out Denver Apartment Construction Financing
Opus Development Co. and an Ares Real Estate fund secured a $67 million refinancing loan for Kalaco in Denver.
Kalaco, a six-story building located on 1.91 acres at 1010 West Colfax Ave. was completed in August 2024. Multihousing News reports Opus started construction on the property in March 2022. The development includes 9,755 square feet of retail space.
The company is ensuring 10 percent of the apartments would be affordable for households earning 60 to 80 percent of the area’s median income. Kalaco units average 752 square feet, and average rents are $2,500. Community amenities include a pool with spa and sundeck, fire pits and grilling stations, two-level fitness center with a yoga studio, a co-working lounge, a social lounge, a game area and a top floor lounge and speakeasy.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Kristian Lichtenfels, Eric Tupler and Ellie Savage.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout