The Parc at Cherry Creek, a 408-unit garden-style multifamily property located in Denver, recently received refinancing to the tune of $74.1 million. JLL worked on behalf of PCC Partners LLC to secure the seven-year full-term interest-only Freddie Mac loan at 2.93 percent.
The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo lender. The borrower is refinancing its existing Freddie Mac loan for the apartments acquired in December 2011.
The Parc at Cherry Creek comprises 17 three-story apartment buildings, totals 372,402 rentable square feet, and offers one- and two-bedroom units. Since March 2020, the borrower has spent more than $13.5 million on capital improvements and about $7 million in upgrades.
Located at 7555 East Warren Dr. in southeast Denver about 10.5 miles from downtown, The Parc at Cherry Creek is near employment hubs including the Denver Tech Center, Fitzsimmons Medical Campus and Cherry Creek North.
The JLL team representing the borrower was led by Kristian Lichtenfels.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.