Private Construction Loan for Mixed-Use Development in Denver, Colorado

Parkview Financial, a direct private lending firm, provided a $26,000,000 construction loan for the development of an eight-story mixed-use project in downtown Denver’s Art District. It will include 115 apartment units and 2,622 square feet of ground-floor retail space. Construction completion is anticipated for December 2021. This was Parkview’s third construction loan provided to this experienced developer.

Situated on just under a one-half acre of land, the property will consist of 51 studios, 55 one-bedroom units, and nine two-bedroom units with an average unit size of 548 square feet. The studios and one-bedroom units are larger than micro-units in the area but smaller than typical conventional apartments. Additionally, residents will be able to enjoy the amazing city and mountain views from amenity decks and private balconies, a fitness center, a rooftop deck, and secure bike parking. It will also include 48 garage and surface parking spaces. This project provides a smaller unit size which is attractive to a rental pool seeking new, amenity-rich space at a more affordable price point as compared to other nearby conventionally sized apartment units.

Like most central business districts on a national basis, due to the COVID-19 crisis, downtown Denver has experienced an increased vacancy rate and a decline in jobs. However, Parkview anticipates the market to recover and remain a destination for new residents (particularly well-educated millennials) and high-profile employers. This private construction loan was funded in October 2020.