Pacific Western Bank has provided financing for another residential project in Denver that’s being undertaken by Cypress Real Estate Advisors (CREA). An affiliate of CREA received a $88.7 million construction loan from the bank.
The Class A community will offer 336 units and amenities including a fitness center, coworking space and a 1,500-square-foot sky lounge on the 16th floor. Located at 2600 Wewatta Way in Denver’s Denargo Market neighborhood, the community is less than a mile away from Coors Field and the neighborhood’s many restaurants and retail offerings. The project will also be near Interstate 25 and the city’s Union Station that offers bus, shuttle, light rail and train service.
Chris Erickson, executive vice president & regional manager for Pacific Western Bank’s Colorado Real Estate Group, said in prepared remarks that the bank is relatively new to the Denver market, but has a lot of confidence in the projects being undertaken by CREA and other similar developers in the area.
FINANCING FOR THE THIRD TIME
The financing for CREA’s latest residential project is the third time the developer and Pacific Western Bank have worked together. Previously, Pacific Western Bank provided a $67 million construction loan to CREA and its joint venture partner Flywheel Capital in September 2020 to build a 361-unit community that’s also in Denver.
CREA’s experience in Denver also includes its mixed-use development in the Denargo Market neighborhood. The developer acquired the site more than a decade ago and has since completed two developments, Yards at Denargo Market and the Crossing at Denargo Market, that total 622 units. Outside Denver, Cypress also has six residential properties in Austin, a community in Jupiter, Fla., a multifamily property in Raleigh, N.C., and several commercial properties in its portfolio.