123 Unit Condo Construction Financing - Denver, CO
$48,000,000 in total financing arranged by PlattPointe Capital.
DENVER, CO - PlattPointe Capital recently arranged a $38,190,000 senior construction loan combined with a $9,990,000 C-PACE (Commercial Property Assessed Clean Energy) loan to construct a 123 unit for-sale condominium development that includes 11,000 SF of ground floor retail. Located in Denver’s Santa Fe Arts District, this development will mark the State of Colorado’s first for-sale condominium development financed utilizing a C-PACE loan. The developer needed stretch leverage financing to complete the capital stack and PlattPointe was able to pair a private senior lender with a C-PACE lender to achieve a combined 90% LTC. C-PACE financing helped fill an integral gap in the capital stack while lowering the overall cost of capital. The loans have no pre-sale requirements, allowing the developer to achieve optimal market rate price points in a condo market that is heating up again in Denver.
• $48,180,000 Total Financing
• 90% Combined Loan-to-Cost (LTC)
• No Pre-Sales Requirements
The development will be a mix of one-bedroom, two-bedroom and “micro-condos” units oriented towards attainable price points. Homeowners will also enjoy a common second floor courtyard with a Zen garden, fire pits, barbeque grills, and multiple gathering areas for socializing or relaxing. The project is set to deliver at the end of 2022, with pre-sales expected to begin as soon as the end of 2021.
The Santa Fe Art District is recognized as Denver’s most distinguished destination to experience more than 30 art galleries, numerous art studios, unique businesses, and eclectic eateries. The District is starting to see tremendous development activity and appears to be the next RiNo but with a more centralized location. Santa Fe Drive is essentially a straight shot into downtown.
About PlattPointe Capital:
PlattPointe Capital LLC is a boutique commercial real estate capital advisory firm that helps developers and investors navigate the ever-changing capital markets by arranging numerous debt and equity options for a client’s project. Our vision is to engineer the most efficient capital stack based on the constraints of a given project and sponsor’s needs.
More information can be found at www.plattpointe.com.
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TRANSACTION BY THE NUMBERS
Units For Sale
Combined Loan to Cost (LTC)