{"id":1004115054,"date":"2015-03-09T06:09:14","date_gmt":"2015-03-09T14:09:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004115054"},"modified":"2022-12-08T21:52:58","modified_gmt":"2022-12-09T05:52:58","slug":"pm-realty-jv-to-build-tall-in-downtown-denver","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pm-realty-jv-to-build-tall-in-downtown-denver\/","title":{"rendered":"PM Realty JV to Build Tall in Downtown Denver"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/i><\/p>\n

\"Josh<\/a>

Josh Simon, HFF<\/p><\/div>\n

PM Realty Group and National Real Estate Advisors have received $79 million in financing for The Confluence, a 288-unit, luxury residential tower in downtown Denver.<\/p>\n

HFF secured a 48-month, 65 percent loan-to-cost construction loan through a national bank financing on behalf of the joint venture.<\/p>\n

\u201cThis is a development of a 34-story, multi-family high-rise in downtown Denver, which is arguable the best site in downtown,\u201d Josh Simon, HFF\u2019s managing director, told Commercial Property Executive<\/i>. \u201cIt\u2019s located on the confluence of Cherry Creek and the Platte River, which are both walking and biking trails that offer tremendous access to downtown.\u201d<\/p>\n

Units will include one-, two- and three-bedroom options averaging 1,040 square feet.\u00a0Apartment features will include hardwood floors, solar shades in every home, gourmet kitchens with granite countertops and Frigidaire Professional Gallery\/Electrolux appliances. Select apartments will also showcase floor-to-ceiling windows.<\/p>\n

\"DENVEER\"<\/a>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.<\/p>\n

Located on 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 be situated on 1.21 acres and offer mountain and skyline views.<\/p>\n

\u201cThe Denver market as a whole is performing extremely well. There is a big multi-family pipeline but this is a very different product than most of the other developments going in around downtown,\u201d Simon said. \u201cThose are more traditional five- and six-story projects, with only a couple of high-rise developments in all of downtime, and most stop at 23 floors or below.\u201d<\/p>\n

The Confluence will become the tallest building in Riverfront Park.\u00a0Additionally, the building will include 10,000 square feet of retail and a 300-space underground parking garage.<\/p>\n

According to Simon, the financing includes 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.<\/p>\n

The Confluence is scheduled to be complete in 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"

PM Realty and National Real Estate Advisors have decided to add something a little different to Denver’s sizable multi-family pipeline.<\/p>\n","protected":false},"author":451,"featured_media":1004115057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,13,21742],"tags":[],"class_list":["post-1004115054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-midwest","category-latest"],"acf":[],"yoast_head":"\nPM Realty JV to Build Tall in Downtown Denver - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pm-realty-jv-to-build-tall-in-downtown-denver\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PM Realty JV to Build Tall in Downtown Denver\" \/>\n<meta property=\"og:description\" content=\"PM Realty and National Real Estate Advisors have decided to add something a little different to Denver's sizable multi-family pipeline.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pm-realty-jv-to-build-tall-in-downtown-denver\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-03-09T14:09:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:52:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Josh-Simon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"374\" \/>\n\t<meta property=\"og:image:height\" content=\"336\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pm-realty-jv-to-build-tall-in-downtown-denver\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pm-realty-jv-to-build-tall-in-downtown-denver\/\",\"name\":\"PM Realty JV to Build Tall in Downtown Denver - 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