DEAL OF THE DAY: Perseus Realty Capital Arranges $11M Loan for The Spire Construction
- Feb 14, 2008
By Anuradha Kher, Online News EditorDenver–Perseus Realty Capital LLC (PRC), a Washington, D.C-based real estate investment and development company, has secured $11 million in mezzanine financing for the construction of The Spire, a 503-unit high-rise residential condominium under development in downtown Denver.The Nichols Partnership Inc, a Denver,Colo.-based real estate development company, is building the 41-story tower, which when complete will be one of Denver’s tallest and most energy-efficient buildings. The total cost of the project is $172.5 million. Located at 891, 14 St. (at the corner of 14th and Champa Streets), The Spire features 33 floors of residential condos atop an eight-story parking structure and more than 7,500 square-feet of ground-floor retail. Amenities will include an outdoor pool, hot tubs, fire pit, clubroom, screening theater, and a health club facility.“In difficult market conditions, PRC took the time to become familiar with the project and follow through with sourcing the final piece of debt we needed to complete the financing,” says Randy Nichols of The Nichols Partnership.