The X Co. Lands $105M Loan for Denver Project

CIM Group originated the financing package for the construction of X Denver2, a downtown high-rise that will offer 351 units.
X Denver2. Image courtesy of JLL

Multifamily investment firm, The X Co., has taken out a $105.3 million construction loan for X Denver2, a 351-unit multifamily project in downtown Denver. CIM Group provided the senior note, which carries a variable interest rate over a 3-year term, according to public records.

The developer, a spin-off of Property Markets (PMG), assembled the half-acre site at 2100 Arapahoe St. by acquiring three land parcels from two private investors for a total of $9.9 million in 2019. The 22-story building will feature 15,700 square feet of coworking space and 5,501 square feet of retail space, according to the loan document.

Amenities will include a three-story members-only club with a resort-style swimming pool, full-service gym and a bar lounge. Future residents will have the option to choose between a private apartment or sharing a co-living suite with its own bedroom and bathroom.

The JLL Capital Markets team that negotiated on behalf of the borrower included Senior Managing Directors Eric Tupler and Christopher Peck and Managing Director Josh Simon. In September, Tupler and colleague Campbell Roche secured a $67 million loan for the development of The Cameron, a 361-unit luxury apartment project in Denver. Pacific Western Bank provided the 5-year, variable interest rate loan.