JLL Arranges $67M Refinancing for Kalaco Multifamily Community in Denver

JLL has arranged a $67 million refinancing for Kalaco, a recently completed 280-unit mid-rise multifamily community located at 1010 West Colfax Ave in Denver, Colorado, the firm announced June 15, 2026.

JLL worked on behalf of the borrower — Opus Development Company, L.L.C. and an Ares Commercial Real Estate fund — to secure the three-year construction take-out loan from a national balance sheet lender.

Property Details and Location

Delivered in August 2024, Kalaco is a six-story apartment building situated on 1.91 acres just outside Denver's central business district. The property offers studio, one-, two- and three-bedroom units averaging 752 square feet. Unit finishes include stainless steel appliances, plank flooring, quartz countertops, walk-in closets, full-size washers and dryers, and private patios and balconies.

On-site amenities include a 233-space parking garage, a resort-style sundeck with pool and spa, fire pits and grilling stations, a courtyard with lawn games, a pet spa and outdoor dog run, a two-level fitness center with yoga studio, co-working lounge, social lounge, game area, a top-floor lounge, EV charging stations, and bicycle storage and repair facilities.

The property is located across the street from the Auraria Higher Education Campus and within walking distance of Denver's central business district, the Art District on Santa Fe, the Golden Triangle, Lower Downtown Denver, Ball Arena, and the Broncos Stadium master redevelopment. Residents also have access to Interstates 25 and 70, Highway 6, and light rail service at the Colfax @ Auraria Station.

JLL Debt Advisory Team

JLL Capital Markets' Debt Advisory team representing the borrower was led by Managing Director Kristian Lichtenfels, Executive Managing Director Eric Tupler, and Associate Ellie Savage.

"This refinancing generated exceptional lender interest due to Kalaco's institutional-grade quality, experienced sponsorship and Denver's strengthening fundamentals," Lichtenfels said. "Limited new Class A construction and a highly liquid debt capital market have created favorable conditions for refinancing construction loans on stabilizing assets like Kalaco."

About the Sponsors and Arranger

Opus is a group of commercial real estate development, design, and construction companies headquartered in Minneapolis with offices and projects across the country. The firm operates as a vertically integrated multidisciplinary organization with expertise in development, capital markets, finance, project management, construction, and architectural services. Opus Development Company is one of its operating subsidiaries, alongside Opus Design Build and Opus AE Group.

Ares Management (NYSE: ARES) is a global alternative investment manager with over $644 billion in assets under management as of March 31, 2026, with operations across North America, South America, Europe, Asia Pacific, and the Middle East.

JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.