JV Lands $75M Financing for Denver Luxury Tower
HFF secured the loan for The Confluence on behalf of National Real Estate Advisors and PMRG. Proceeds will be used to retire existing construction debt on the 287-unit property.
A joint venture between National Real Estate Advisors—acting on behalf of a client—and PMRG, which recently merged with Madison Marquette, has secured $75 million in financing for The Confluence, a luxury residential tower in Denver.
HFF secured the 10-year, fixed-rate loan through a life company lender. Proceeds will be used to retire existing construction debt. The firm previously worked on behalf of the owners back in 2013 to arrange the joint venture partnership at the beginning of the development process, as well as in 2015 to arrange construction financing.
Located at 1441 Little Raven St., the property comprises 287 studio, one- and two-bedroom floorplans, as well as penthouses. Square footage ranges from 482 for studios to 3,534 for three-bedroom penthouses. According to Yardi Matrix, the community was 85 percent occupied as of February. Completed in 2017, interior features include soaking tubs, floor-to-ceiling windows, solar and blackout shades and private balcony/patios. Residents have access to common area amenities such as a rooftop terrace and pool, two skyline lounges, dog grooming area, state-of-the-art fitness center and direct access to Confluence Park.
Situated on 1.2 acres, the 34-story tower is within walking distance to public transportation at Union Station and a high concentration of office space and lifestyle/entertainment amenities. The LEED Gold certified property also includes 8,029 square feet of ground floor retail and three levels of underground parking with electric charging stations.
The HFF team included Managing Directors Josh Simon and Rob Rizzi. “The Confluence is one of the most unique assets in downtown Denver,” Simon told Multi-Housing News. “The asset and borrower quality along with its location really resonated with lenders during the refinancing.”
In November, Simon was part of a team that secured $55.2 million in financing for Advenir at French Quarter, a 436-unit community also in Denver.
Image courtesy of HFF