Griffis Residential has refinanced Griffis Belleview Station, a 238-unit multifamily community in Denver, with a new $40 million loan. The property, originally constructed in 1999, is a garden-style rental community composed of 11 three-story residential buildings on 11.20 acres. The asset is reporting strong performance, with occupancy at 94.96% at the time of the refinancing.
The community includes a mix of traditional apartment homes and multi-level townhomes, some of which feature direct-access garages. Resident amenities include a year-round swimming pool, an all-season spa, a fitness center, an off-leash dog park, outdoor grilling stations and clubhouse facilities, supporting the property's positioning in the local multifamily market.
Griffis Belleview Station is located next to the larger Belleview Station master-planned development. Upon completion, that project is expected to deliver approximately 2.2 million square feet of office space, 300,000 square feet of retail and two hotels, creating a mixed-use environment around the residential community. The apartments are also within walking distance of the Belleview RTD rail station, providing residents with convenient access to regional transit.
Since 2022, Griffis Residential has invested nearly $2.55 million in capital improvements at the property. As part of this program, the sponsor has renovated 157 units, indicating an ongoing effort to maintain and upgrade the community's physical condition and appeal.
JLL Capital Markets' Debt Advisory group represented Griffis Residential in arranging the refinancing. The seven-year, fixed-rate loan was placed with a life company lender. The JLL team was led by Kevin Barron, Eric Tupler and Jake Martin, who structured the financing on behalf of the borrower.
The new loan underscores continued lender appetite for stabilized multifamily assets in well-amenitized, master-planned environments, particularly those benefiting from proximity to transit and a diverse mix of surrounding uses. With recent capital improvements and high occupancy, Griffis Belleview Station appears well positioned within its competitive set following the refinancing.
