CBRE Capital Markets’ Debt & Structured Finance has secured construction financing for FoundryLine, an infill development in Denver’s River North Arts District (RiNo) featuring 348 multifamily units and retail space.
Brady O’Donnell and Jill Haug with CBRE in Denver arranged the loan on behalf of the borrower.
“The execution of the construction financing for The FoundryLine represents a best-in-class outcome, driven by the project’s strategic location, thoughtful design, and the outstanding reputation of McWhinney. We were able to conduct a highly competitive loan process that resulted in an incredibly accretive loan structure,” said Mr. O’Donnell.
FoundryLine is a 17-story, 348-unit luxury apartment building that is planned to offer a range of studio to three-bedroom units. The ground floor is slated to include the community’s lobby, leasing office, and 14,000 square feet of retail space. Community amenities are planned to include a rooftop pool and spa with an infinity edge, an indoor-outdoor fitness center, a conference center, an infrared sauna and steam room, and indoor and outdoor lounge areas. Construction is slated to begin in May and the project is anticipated to be completed in mid-2023.
“We are excited to see this project move forward and further transform the landscape of Denver’s RiNo district. Already home to more than 100 restaurants, shops, breweries, and art galleries, the neighborhood is continuing to grow and attract investor interest,” added Ms. Haug.
The property is located across the street from the 38th and Blake RTD light rail station, providing convenient access to Union Station and Denver International Airport.
Earlier this year, Denver was named the No. 3 market in the U.S. for multifamily development opportunities. The CBRE report ranked the top 50 U.S. markets by population based on four performance categories: construction costs, fundamental strength of existing supply, prior cycle performance and property forecast. Denver’s multifamily market scored well based on the region’s job growth, relatively low land costs and its strong forecast for continued rental rate growth.
