Pacific Western Bank closes $67 million construction loan for 361-unit Class A apartment community with Cypress Real Estate Advisors ("CREA")

Rhea-AI Summary

Pacific Western Bank has issued a $67 million construction loan to Cypress Real Estate Advisors for developing The Cameron, a 361-unit Class A apartment community in Denver, Colorado. Located near the Colorado Station RTD light rail, the project will feature premium amenities. JLL Capital Markets represented CREA in securing the financing. Despite the challenging economic landscape, the Denver apartment market has shown resilience, outperforming national averages in collections and occupancy rates.

Positive

• Secured a $67 million construction loan, indicating strong financial support for the project.
• The Cameron project aims to meet demand in a growing Denver market with a stable apartment sector.

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• None.

DENVER, Sept. 30, 2020 /PRNewswire/ -- Pacific Western Bank recently provided a $67 million construction loan to Cypress Real Estate Advisors ("CREA"). The loan will be used to develop The Cameron, a 361-unit Class A apartment community that will be located at 4545 E. Warren Ave. in Denver, Colorado. The Cameron will be near the Colorado Station RTD light rail stop, the community will house best-in-class amenities inclusive of a resort-style pool, a two-story clubroom, state-of-the-art fitness center, business café and an eco-friendly recycling and waste reduction program.

CREA, led by Denver-based Principal, Chase Hill and Development Associate, Adam Wallace, will be partnering with Ben Hrouda of Flywheel Capital to develop the project. The JLL Capital Markets team represented CREA in securing financing, led by Managing Director Campbell Roche and Senior Managing Director Eric Tupler. 

"Cypress Real Estate Advisors is a best-in-class sponsor, and Pacific Western Bank looks forward to building on our relationship with them as they move forward on this and future projects," said Jon Lorenz, President-Colorado Region at Pacific Western Bank, "During these challenging times our Bank continues to actively lend and is seeking out new, productive relationships with proven real estate developers and sponsors who are as committed to the forward progress of the Denver Metropolitan area as we are," concluded Lorenz.

The launch of this project in Denver at this time substantiates the city's status as one of the fastest growing major metropolitan areas over last decade. Denver has remained stable throughout the pandemic, with the apartment market outperforming the national averages in collections and occupancy.

About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $27 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado. The Bank has 72 full-service branches primarily located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. For more information about Pacific Western Bank, visit www.pacwest.com.

About Cypress Real Estate Advisors
Since 1995, Cypress Real Estate Advisors (CREA) has built a solid track record of success with investors, residents, tenants and employees. Proficiency sourcing investment opportunities in markets with significant job growth, combined with nimble development, construction and management expertise has resulted in superior risk-adjusted returns to our investors, while simultaneously enhancing the communities where we live, work and raise our families.

About JLL Capital Markets
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Media Contact| Kristen Mboijana| SVP, Dir. of Marketing | 301.634.6905 | kmboijana@pacwest.com

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SOURCE Pacific Western Bank

FAQ

What is the purpose of the $67 million loan provided by Pacific Western Bank?

The loan is to develop The Cameron, a 361-unit Class A apartment community in Denver, Colorado.

Who represented Cypress Real Estate Advisors in obtaining the financing?

The JLL Capital Markets team represented Cypress Real Estate Advisors.

What does The Cameron project include?

The Cameron will feature best-in-class amenities, including a resort-style pool and a state-of-the-art fitness center.

How has the Denver apartment market performed during the pandemic?

The apartment market in Denver has outperformed national averages in terms of collections and occupancy.

What is JLL's role in this transaction?

JLL Capital Markets assisted Cypress Real Estate Advisors in securing the construction loan.