A $77 million loan was recently provided to the joint venture of The John Buck Company, Kinship Capital and Element Properties. This loan refinanced two newly constructed properties that are part of the S’PARK master-planned community in Boulder.

“This transaction presented us with a prime opportunity to add two newly constructed class-A properties located in a high barrier-to-entry market to our core-plus portfolio,” said Craig Foreman, vice president at PGIM Real Estate who led the origination of the loan on the firm’s behalf. “S’PARK is a one-of-a-kind project and we’re thrilled to play a role in the continued success … as the sponsors focus on completing the business plan.”

The first property, Timber, features 150 multifamily units and 2,000 square feet of ground-level retail. The second property, Market, consists of 42,000 square feet of office space, which is fully leased to Splunk Inc., and 11,000 square feet of ground-level retail.

PGIM Real Estate provided the loan through its U.S. core-plus debt strategy on behalf of institutional investors. JLL represented a joint venture between The John Buck Company, Kinship Capital and Element Properties to arrange the loan with PGIM.