RXR, JV Partners Secure $125M for Denver Multifamily Project
RXR, JV Partners Secure $125M for Denver Multifamily Project
Jones Lang LaSalle Incorporated recently announced financial facilitation for a significant capital raise in the Denver metro area. RXR and its partners have successfully obtained $125 million in construction financing for the development of AVE Station House. The capital structure includes a $100 million senior loan provided by Madison Realty Capital and an additional $25 million in subordinate debt from an unnamed insurance company.
The 13-story tower, located at 4001 Walnut Street in Denver’s River North arts district, will contain 301 residential units. The mix comprises 271 market-rate apartments and 30 affordable units. Beyond the residential space, the project will encompass more than 291,000 square feet, featuring 6,200 square feet of ground-floor retail and 290 on-site parking spaces.
The joint venture involves Halpern Real Estate Investments, Korman Communities, and Invent Development Partners. RXR will act as the equity investor and manage construction, while Korman Communities is slated to operate the asset.
Amenities planned for the luxury development include a rooftop pool, fitness center, coworking spaces, a golf simulator, and a pet spa. The financing arrangement highlights continued institutional interest in transit-oriented developments within high-growth markets.
Source: original release
What to watch
- Development progress and groundbreaking timeline for AVE Station House.
- Future capital raises or debt financing activities by RXR and partners.
- Jones Lang LaSalle Incorporated earnings for insight into capital markets activity.