Development of 126 Residential Units, 6,465 SQFT Retail
Parkview Financial has funded a $26 million construction loan to Art District Holdings, a Denver-based apartment developer, for the development of an eight-story apartment and retail building located at 1225 Santa Fe Drive in the Arts District in Denver, CO. The 125,494-square-foot asset will include 126 apartment units and two ground floor retail spaces totaling 6,465 square feet. Additionally, the property will include parking on the first and second floors. The fully entitled project has now commenced construction with completion anticipated for summer 2021.
The property is planned to feature a rooftop deck with seating and an area for yard games, BBQ grills and fire pits. It also will include a secured lobby entrance; a business center and flex space that will provide community desks and meeting areas; a fitness and yoga studio; a lounge and kitchen area with event space; a dog wash station with a bathtub and grooming center; and an indoor locked bike storage area. The modern, open concept apartment units will offer private patios and balconies in some units, vinyl plank flooring, wood cabinets, quartz countertops, stainless steel appliances, and in-unit washer/dryer.
1225 Santa Fe Drive is well located in an amenity-rich area surrounded by coffee shops, grocery stores, restaurants and bars, parks, shopping and entertainment as well as the Metropolitan State University of Denver. There are a number of bus stations within a half-mile and the Mariposa Light Rail is one mile southwest of the project.
“This is Parkview Financial’s second mixed-use project that we have financed with this developer in the Denver market. We see this latest loan as a compelling opportunity for us to work with an experienced developer in one of the nation’s hottest markets for job and population growth,” said Paul Rahimian, CEO with Parkview Financial.
The previous project Parkview financed on behalf of the developer was Sloan’s Lake Micro Units. It was located at 1515 Vrain Street and was a five-story mixed-use property that had both residential and retail components.
Parkview has provided in excess of $600 million in new construction financing across the United States over the last 24 months.