PM Realty Group and National Real Estate Advisors have secured a $79m construction loan for the development of The Confluence, a 34-story luxury residential tower that is set to become Denver, Colorado’s tallest.
The four-year loan carries a 65 percent loan-to-cost, according to HFF, which arranged the financing.
The firm negotiated a “longer initial term with extension, providing more of a mini perm option without sacrificing the very low floating-rate or any other terms,” according to HFF managing director Rob Rizzi.
PMRG and National Real Estate paid a reported $10m for the 1.21 acre site in July of 2013, breaking ground on the planned 288-unit tower in December of last year.
“Rising construction costs proved a challenge and affected our original timeline, but we engaged the right third-party companies to get us back on track,” PMRG’s executive vice president Bryant Nail told MHN at the time.
The property would not only be Denver’s tallest residential building but also among its most expensive. Rents on the building’s one-, two- and three-bedroom apartments will average about $2,800 per month, which is more than one-and-a-half times Denver’s average. Two 3,500 sq ft three-bedroom penthouses are reportedly listed for $12,000 per month.
Amenities include a saltwater infinity-edge pool with underwater sound system, outdoor cabanas, lounges, a fitness center, concierge, dog washing station and 24-hour coffee bar. The property will also feature street-level retail and restaurant space.
It is due for completion in 2017.