DENVER-JCR Capital, a real estate finance company based in Denver, has closed on $22 million in mezzanine financing for a portfolio of 16 multifamily properties—twelve in California and one each in Nevada, Oregon, Montana and Illinois—for a total of 3,315 units. The properties are primarily stabilized, affordable multifamily assets, and have had a consistent occupancy of more than 95%, many with long waiting lists, while under the sponsor's ownership.
“We liked this transaction in large part because of our long-standing relationship with an excellent, blue-chip sponsor,” said Jay Rollins, JCR Capital president and CEO. “This relationship spans over 10 years and includes a track record of $586 million in loans, all fully paid.”
The sponsor has been an active owner/developer since the 1970s with a current portfolio of more than 11,912 multifamily units, and has acquired/repositioned over 5,000 multifamily units with tax-exempt bond financing and tax-credit equity.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
