JLL Arranges $333.3M Greystar Bridge Loan for Crow Holdings Capital Fund's Palomino Park Portfolio

DENVER — JLL's Capital Markets group announced Oct. 26 that it arranged $333.3 million in floating-rate bridge financing through Greystar for Palomino Park, a 1,184-unit multifamily portfolio in the Highlands Ranch master-planned community in metro Denver. The borrower is a real estate fund advised by Crow Holdings Capital.

JLL worked exclusively on behalf of the Crow Holdings Capital-advised fund. The financing includes $325 million at initial funding and $8.32 million in future funding for unit renovations. It retired the portfolio's existing loans and provides capital for continued value-add execution across the three communities, according to JLL.

Greystar Serves as Lender and Property Manager

Greystar provided the floating-rate loan and also serves as the portfolio's third-party property manager. The loan amounts to roughly $274,493 per unit at initial funding and about $281,672 per unit including future funding. Those figures reflect loan amounts, not property values or sale prices. The future-funding component equals approximately $7,027 per unit.

JLL's Capital Markets Debt Advisory team representing the borrower was led by Executive Managing Director Trey Morsbach, Senior Managing Directors Campbell Roche and Tony Nargi, Senior Director Jarrod McCabe, Associate Jordan Buck and Analyst Scott Cole.

Palomino Park Portfolio Details

Palomino Park, located at 6700 Palomino Parkway in Highlands Ranch, comprises three Class A rental communities. The property was built in 1997 and consists of two-story buildings:

• Red Canyon: 304 units with direct-access garages and a condo-style living environment, at 6202 Red Canyon Drive.
• Green River: 424 townhome-style units averaging 1,129 square feet, the largest in the portfolio, with 176 detached garages, at 6602 Green River Drive.
• Blue Ridge: 456 units, the portfolio's largest community, averaging 1,050 square feet, with 181 detached garages.

The communities are anchored by the Colorado Club, an approximately 26,000-square-foot amenity center. It features a resort-quality pool, a gym with a regulation basketball court and racquetball courts, a full-service bar and resident gathering areas. The facility is surrounded by a 17-acre park with three tennis courts, two full-size sports fields and a playground.

The property is positioned near Denver's Southeast Business Corridor and Park Meadows Mall. Since acquiring the assets in 2021, the Crow Holdings Capital-advised fund has invested in interior and exterior capital improvements across each community, JLL said.

Denver Multifamily Market Context

The financing arrives as Denver multifamily fundamentals show mixed signals. One second-quarter 2026 market report recorded 5,902 units of net absorption, nearly three times the 2,020 units delivered during the quarter. Vacancy in that report fell from 6.84% to 5.74%, while asking rents were down 4.7% year over year.

Other datasets show higher vacancy. One placed second-quarter 2026 vacancy at 9.09%, with Class A vacancy at 9.75% and annual rent declines of 3.5%. The differences reflect variation in methodology, geography and asset sets.

New supply has eased from its recent peak. Trailing-12-month deliveries were 9,201 units, down from 18,558 units in 2024, and second-quarter deliveries fell 31% year over year.

Investment pricing remains below the 2021–22 peak. Denver's average multifamily cap rate was 5.36% in the second quarter of 2026, with average pricing of $259,956 per unit. A separate October dataset placed recent average sales at $200,860 per unit and a 6.6% cap rate, with large, high-quality transactions above $100 million pricing in the mid-4% to low-5% cap-rate range. Denver multifamily transactions above $20 million had declined even as activity below that threshold increased.

About the Firms

Crow Holdings, founded in 1948 and based in Dallas, has $35 billion in assets under management, according to the JLL release. Greystar, headquartered in Charleston, South Carolina, manages approximately $350 billion of real estate in over 265 markets globally and describes itself as the largest operator of apartments in the United States. JLL (NYSE: JLL) reported annual revenue of $26.1 billion and a global workforce of more than 112,000 as of June 30, 2026.

Outlook

The bridge loan provides the Crow Holdings Capital-advised fund with capital to continue renovations at Palomino Park while market pricing remains below its prior peak. Denver leasing demand has outpaced recent deliveries in at least one market report, though rents remain below prior-year levels and Class A vacancy varies by data source.

Sources

• JLL Newsroom: https://www.jll.com/en-us/newsroom/jll-arranged-333m-in-financing-for-palomino-park