JLL Arranges $333.3M Bridge Refinancing for Palomino Park Multifamily Portfolio in Highlands Ranch

JLL Capital Markets has arranged $333.3 million in bridge financing for Palomino Park, a three-community multifamily portfolio totaling 1,184 residences in Highlands Ranch, an unincorporated master-planned community about 12 miles south of Denver.

Greystar provided the floating-rate loan to the borrower, a real estate fund advised by Crow Holdings Capital. The package includes $325 million at initial funding and $8.3 million reserved for future unit renovations. Proceeds retired existing debt and will fund continued value-add work across the portfolio.

The communities are Red Canyon with 304 units, Green River with 424 townhome-style units and 176 detached garages, and Blue Ridge with 456 apartments and 181 detached garages. A 26,000-square-foot central amenity building, the Colorado Club, anchors the properties and includes a resort-style pool, a gym, racquetball courts and a bar. A 17-acre park with tennis courts, sports fields and a playground surrounds it.

The borrower has invested in interior and exterior capital improvements at each community since acquiring the assets in 2021. Trey Morsbach, Campbell Roche, Tony Nargi, Jarrod McCabe, Jordan Buck and Scott Cole of JLL represented the borrower.

For developers and lenders, the deal shows continued capital flowing to large suburban value-add apartment portfolios, with bridge debt used to refinance and fund renovations rather than new construction.