DENVER — JLL Capital Markets has arranged a $65.5 million construction loan on behalf of Formativ, a locally based investment and development firm that is building 3850 Blake, a 310-unit property in Denver’s River North (RiNo) district. Formativ broke ground on the 16-story affordable-housing property in June and estimates construction will be complete in the third quarter of 2027.
Units will be offered as a mix of studios and one-bedroom floor plans and are rent capped for residents earning between 70 and 100 percent of area median income. Amenities include a pool and deck with mountain views, a clubhouse, coworking spaces and an indoor-outdoor fitness center.
JLL Capital Market’s Debt Advisory team representing Formativ was led by Director Rob Bova and Senior Analyst Ellie Savage.