Opus Development Co. and an Ares Real Estate fund have secured a $67 million refinancing loan on Kalaco, a recently delivered multifamily project in Denver. The new financing replaces the original construction loan on the property, which Opus began building in March 2022, according to reporting cited from Multihousing News. The six-story community is located on 1.91 acres at 1010 West Colfax Ave. and reached completion in August 2024.
Kalaco combines multifamily housing with ground-floor commercial space. The development incorporates 9,755 square feet of retail, adding neighborhood-serving uses at the base of the residential structure. Residential units at the property average 752 square feet, and reported average monthly rents are $2,500. The sponsor is also designating a portion of the community as income-restricted housing.
In line with local affordability goals, 10 percent of the apartments at Kalaco are being reserved as affordable units for households earning between 60 and 80 percent of the area median income. This income-banded approach introduces a workforce housing component within an otherwise market-rate asset. The property’s mix of unit sizes, amenity offerings and limited affordable allocation positions it as a typical urban multifamily project with a modest inclusionary housing element.
Kalaco’s on-site amenities are extensive and oriented toward both lifestyle and work-from-home needs. Shared spaces include a pool with spa and sundeck, along with outdoor fire pits and grilling stations. Fitness offerings consist of a two-level fitness center and a dedicated yoga studio. For residents seeking flexible work and social options, the community provides a co-working lounge, a social lounge, a game area and a top-floor lounge that also features a speakeasy-style space.
The refinancing was secured with the assistance of JLL Capital Markets’ Debt Advisory group, which represented the borrowing partnership. The advisory team was led by Kristian Lichtenfels, Eric Tupler and Ellie Savage. While the identity of the lender and specific loan terms were not disclosed, the execution underscores that a completed, amenitized multifamily property with a limited affordable component can attract refinancing capital soon after delivery.
