Equity Cash-Out Loan for Multifamily Pre-Development in Denver, Colorado

Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date


Property Type
Residential Land
Property City


Property State


Loan Term (months)


Lien Type

1st Mortgage

Payment Type

Interest Only

Property Neighborhood

River North Art District

Location Type


Property Condition


Occupancy at Closing


Lot Square Footage


Borrower's Plan

Build and Sell

Exit Strategy

Construction Loan

Deal Highlights

Land cash out for development soft costs
Cross collateralized with a condo in Toronto

Deal Summary

Ontario Wealth Management Corporation, a direct commercial real estate lender, funded a $2,000,000 1st lien position equity cash-out loan secured by an infill development site in the gentrifying River North Art District (RiNo) neighborhood of Denver, Colorado, Currently, the lot is improved with a 2,000+ square-foot bar and a putt-putt golf course. It’s a rectangular, 15,632-square-foot lot. The Sponsor’s vision for the site includes a 14-story, 189,000-square-foot multifamily development, with a ground floor and rooftop retail/restaurant space. The property is located 1.5 miles from Denver’s Central Business District. RiNo, a former industrial center of Denver, has rapidly gentrified with many former warehouses having been converted into loft apartments, creative office space, breweries, restaurants, and art galleries. Since 2017, more than 2,500 new multifamily units have been delivered in the RiNo neighborhood. In addition to the lot, we took additional collateral to secure the loan with a subordinate (2nd) charge on an 800-square-foot newly renovated residential condominium in Yorkville, one of Toronto’s most coveted neighborhoods. The Borrower plans to refinance with a construction loan as an exit strategy. The loan term was set at 12 months. This CRE equity cash-out bridge loan was funded in May 2023.

Funded By

Ontario Wealth Management Corporation

Direct Lender for Commercial Real Estate Bridge Loans