Parkview Financial announced 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.