Refinancing secured for Denver mid-rise multifamily community

DENVER, June 15, 2026 –  JLL Capital Markets announced today that it has arranged refinancing for Kalaco, a 280-unit, recently completed, mid-rise multifamily community in Denver, Colorado.

JLL worked on behalf of the borrower, Opus Development Company, L.L.C. and an Ares Real Estate fund, to secure a $67million three-year construction take-out loan from a national balance sheet lender.

Delivered in August 2024, Kalaco is a six-story apartment building offering studio, one-, two- and three-bedroom units averaging 752 square feet. Units feature stainless steel appliances, luxe plank flooring, quartz countertops, generous walk-in closets, full size washers and dryers, private patios and balconies, and large windows offering views of the Rocky Mountains and Downtown Denver. On-site amenities include a 233-space parking garage, resort-style sundeck with pool and spa, fire pits and grilling stations, courtyard with lawn games, pet spa and outdoor dog run, a two-level fitness center with yoga studio, co-working lounge, social lounge, game area, top floor lounge/speakeasy, EV charging stations and bicycle storage/repair.

Kalaco is located on 1.91 acres at 1010 West Colfax Ave across the street from the Auraria Higher Education Campus. The property benefits from its location just blocks from Denver’s central business district and is a short walk from the Art District on Santa Fe, the Golden Triangle, Lower Downtown Denver, Ball Arena, the Bronco’s Stadium master redevelopment and much more. Additionally, residents have convenient access to Interstates 25 and 70 and Highway 6, and light rail access at Colfax @ Auraria Station.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Kristian Lichtenfels, Executive Managing Director Eric Tupler and Associate Ellie Savage.

"This refinancing generated exceptional lender interest due to Kalaco's institutional-grade quality, experienced sponsorship and Denver's strengthening fundamentals," said Lichtenfels. "Limited new Class A construction and a highly liquid debt capital market have created favorable conditions for refinancing construction loans on stabilizing assets like Kalaco."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Opus is a group of commercial real estate development, design and construction companies headquartered in Minneapolis with offices and projects across the country. Opus operates as a vertically integrated multidisciplinary team with expertise in development, capital markets, finance, project management, construction and architectural services. Opus includes Opus Holding and its operating subsidiaries: Opus Development Company, Opus Design Build and Opus AE Group. Specializing in industrial, multifamily residential, office, retail and institutional projects, Opus offers the unique combination of a design-build project delivery approach driven by a client-centered team of experts and backed by enduring commitment to the community. For more information, visit www.opus-group.com and follow Opus on LinkedIn and Instagram.

Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. They seek to advance their stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for their investors and within their communities. By collaborating across our investment groups, Ares aims to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2026, Ares Management Corporation's global platform had over $644 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.