Parkview Financial announced today it has provided a $26 million construction loan to CRE Development Investments for the development of Art District Lofts located at 1275 Santa Fe Drive in Denver, CO. The entitled eight-story project in downtown Denver’s Art District, will include 115 apartment units and 2,622 square feet of ground-floor retail space. With this financing, construction has now commenced with completion anticipated for December 2021.
Situated on just under one-half acre of land, the property will consist of 51 studios, 55 one-bedroom units and nine two-bedroom units with an average unit size of 548 square feet. The studios and one-bedroom units are larger than micro-units in the area but smaller than typical conventional apartments. Additionally, residents will be able to enjoy the amazing city and mountain views from amenity decks and private balconies, fitness center, rooftop deck, and secure bike parking. It will also include 48 garage and surface parking spaces.
“This project provides a smaller unit size which is attractive to a rental pool seeking new, amenity-rich space at a more affordable price point as compared to other nearby conventionally sized apartment units,” said Paul Rahimian, CEO with Parkview Financial.
Rahimian added, “This is Parkview’s third Denver area construction loan provided to this experienced developer. We previously funded and successfully exited one of those projects and have an in-progress loan right down the street from Art District Lofts, at 1225 Santa Fe Drive.”
Like most central business districts on a national basis, due to the COVID-19 crisis, downtown Denver has experienced an increased vacancy rate and decline in jobs. However, Parkview anticipates the market to recover and remain a destination for new residents (particularly well-educated millennials) and high-profile employers.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground-up commercial and residential real estate financing. Through a private real estate debt fund, Parkview provides short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed in excess of $1.3 billion in financing for more than 116 multifamily, retail, office, industrial and mixed-use projects. The executed loan size ranges between $5 million to $100 million.
With corporate headquarters in Los Angeles, and offices in Seattle and Denver, Parkview has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through its proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.