RXR, a Scott Rechler company, continues to secure capital from institutional lenders. Construction financing totalling $125 million has been finalised for the AVE Station House project, a 13-storey, 301-unit luxury multifamily building in Denver, Colorado. This was reported exclusively by Commercial Observer.
Madison Realty Capital provided the $100 million senior loan, while an unnamed insurance company supplied an additional $25 million in subordinate debt. JLL Capital Markets, with Leon McBroom, Michael Gigliotti, Will Haass, Ellie Savage, and Paul Patafio of Hudson Realty Capital, was involved in the transaction.
Project Development and Partnership
RXR is acting as the equity investor in the development and will oversee the project's construction. Korman Communities will be responsible for property management. Brian Cheeseman, Executive Vice President and Head of Asset Management at RXR, emphasised that the property boasts an “exceptional location” and will benefit from the ongoing demand for housing in Denver.
Cheeseman stated that the closing of this financing demonstrates the project's strength, the quality of the partnership with Korman Communities, and the continued appetite of lenders for well-conceived multifamily developments in high-growth markets.
Details of AVE Station House
AVE Station House is located at 4001 Walnut Street in Denver's River North Arts District and will encompass over 291,000 square feet. It will offer 271 market-rate apartments and 30 affordable units, in addition to 6,200 square feet of ground-floor retail space and 290 on-site parking spaces.
- —Rooftop pool and lounge
- —Fitness centre
- —Coworking spaces with private work pods
- —Golf simulator
- —Sports lounge
- —Pet spa
Samir Tejpaul, Managing Director and Head of Investments at Madison Realty Capital, described AVE Station House as a well-designed, transit-oriented development in one of Denver's most dynamic and rapidly growing neighbourhoods.
