Commercial Ground-Up Construction09/30/2019
Parkview Financial provided a $26 million construction loan for the development of an eight-story apartment and retail building located in the Arts District of Denver, CO. This is our second mixed-use project that we have financed with this developer in the Denver market. We see this latest loan as a compelling opportunity for us to work with an experienced developer in one of the nation’s hottest markets for job and population growth. The 125,494-square-foot asset will include 126 apartment units and two ground floor retail spaces totaling 6,465 square feet. Additionally, the property will include parking on the first and second floors. The fully entitled project commenced construction in September 2019 and completion anticipated for summer 2021. The property is planned to feature a rooftop deck with seating and an area for yard games, BBQ grills and fire pits. It also will include a secured lobby entrance; a business center and flex space that will provide community desks and meeting areas; a fitness and yoga studio; a lounge and kitchen area with event space; a dog wash station with a bathtub and grooming center; and an indoor locked bike storage area. The modern, open concept apartment units will offer private patios and balconies in some units, vinyl plank flooring, wood cabinets, quartz countertops, stainless steel appliances, and in-unit washer/dryer. The property is well-located in an amenity-rich area surrounded by coffee shops, grocery stores, restaurants and bars, parks, shopping and entertainment as well as the Metropolitan State University of Denver. There are a number of bus stations within a half-mile and the Mariposa Light Rail is one mile southwest of the project. This private money construction loan was funded in September 2019.