PM Realty Lines Up Financing for 34-Story Multifamily Highrise
Work To Begin This Fall On New 288-Unit Complex on Prime Infill Development Site
September 5, 2013
PM Realty Group said it plans to move forward on development plans for an unnamed, 288-unit, 34-story multifamily tower located at 2166 15th Street at the corner of 15th and Little Raven.
PM Realty is developing the new project with the backing of National Real Estate Advisors (NREA), the manager of the IBEW-NECA Diversified Underwritten Real Estate Fund, or INDURE Fund, a commingled, open-ended real estate investment fund that invests on behalf of pension trusts and other institutional investors, along with PM Realty and investor Ray Suppa. The development partnership will develop and own the glass apartment tower, which is expected to be the tallest structure in Denver's Riverfront Park.
The 1.2 acre site has been called one of the best infill sites in Denver. Construction is expected to begin this fall with delivery anticipated in he fall of 2015.
HFF arranged the joint venture equity for the development of the project in Denver’s Central Platte Valley. The HFF team representing the borrower included managing director Rob Rizzi and real estate analyst Colin Oberg out of HFF’s New York office, as well as directors Josh Simon and Jordan Robbins and senior real estate analyst Jake Young from HFF’s Denver office.
Newmark Grubb Knight Frank was the land broker for the 50,000-square-foot parcel of land with NGKF brokers Stephen Roesinger and Wade Fletcher arranging the transfer.
The current approved plan will do justice to the project's strategic location at the southwest corner of 15th and Little Raven streets in the rapidly developing Riverfront Park area, noted Roesinger, senior managing director with NGKF Capital Markets, who assisted both parties in the transaction with associate Wade Fletcher.
"The caliber of this high-rise development will be the first of its kind to bring luxury high-rise living into our region, elevating Denver’s rental market comparable to Dallas, Los Angeles and New York," Fletcher added.
"We knew this was the best multifamily site in Denver the first time we saw it," said Roger Gregory, executive vice president and chief financial officer for PM Realty. "With unimpeded views of the both the mountains and downtown, front door access to three parks and Cherry Creek Trail, and walking distance from the newly extended 16th Street Mall, we saw an opportunity to provide an unrivaled housing option in Denver’s urban core."