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| Rendering of The Confluence, a planned residential tower, 15th Street and Little Raven Street Riverfront Park area, Lower Downtown District, Denver, CO |
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| Rob Rizzi |
NEW YORK, NY – HFF announced it has arranged $79 million in
financing for The Confluence, a
288-unit, luxury residential tower in downtown Denver under development by PM
Realty Group (PMRG) and National Real Estate Advisors (National).
Working on behalf of the PMRG/National
joint venture, HFF secured a 48-month, 65 percent loan-to-cost construction
loan through a national bank. In 2013,
HFF arranged the joint venture partnership between PMRG and National to develop
the high-rise tower.
The development site is situated on 1.21 acres at the
southwest corner of 15th Street and Little Raven Street in the Riverfront Park
area of the Lower Downtown district.
The 34-story tower will provide mountain and skyline views
and will include 10,000 square feet of retail and a 300-space underground
parking garage.
Due for completion in
2017, units will include one-, two- and three-bedroom options averaging 1,040
square feet.
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| Josh Simon |
Community amenities
will include a state-of-the-art fitness center, swimming pool with lounge and
cabanas, spa, fire pit, game room, clubhouse and business center.
The
HFF team representing the borrower included managing directors Rob Rizzi and Josh Simon, associate director Colin
Oberg and real estate analysts Leon
McBroom and Matt Gangaware.
“The
Confluence will undoubtedly be the preeminent multi-housing property in Denver,
offering an unmatched combination of location, lifestyle, design and amenities,
and will serve as a striking addition to the Denver skyline,” said Rizzi.
“PM Realty Group and National Real Estate Advisors have
emerged as one of the foremost development partnerships for best-in-class
multi-housing properties in the country.”
“This
financing is very accretive to the development,” added Simon. “We built in a longer initial term with
extension providing more of a mini-perm option without sacrificing the very low
floating-rate or any other terms of the loan.”
For additional information on PM Realty Group (PMRG), please
visit www.pmrg.com or contact Kristen
Burney, Vice President and Director of Marketing at kburney@pmrg.com
or 713-209-5910.
For more information on National Realty Advisors, please visit, www.natadvisors.com.
For a complete copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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