CBRE Capital Markets’ Debt & Structured Finance has secured construction financing for Fox Iron Works, a planned 385-unit, transit-oriented multifamily developmentin Denver.
Brady O’Donnell and Jill Haug of CBRE in Denver originated the non-recourse construction loan on behalf of the borrower,a partnership between RangeWater Real Estate and Marble Capital.
The five-story project will feature luxury amenities, including a rooftop deck with views of Downtown and the Rocky Mountains; a lounge area with a full-service kitchen, TVs and billiards; a fitness club with cardio and yoga functionalities; a modern pool with gas grills; package lockers; a computer café; and bicycle and pet facilities. Construction is slated to complete in the third quarter of 2023.
The site is in Denver’s Globevilleneighborhood, adjacent to the Fox Street light rail station and one stop from Union Station. It offers immediate access to Interstates 25 and70, a bus line on Fox Street,and abike path,connectingthe property to the nearby neighborhoods of LoHi, Sunnyside, RiNo, Tennyson, downtown Denver and the future Denver Western redevelopment, which includes a satellite campus for Colorado State University.
The property also sits adjacent to Fox Park, a 41-acre planned mixed-use project that will encompass more than 2.2 million square feet of cultural, retail, hotel, office and residential space in the first phase.
“Fox Iron Works represents a unique project in the up-and-coming Fox Streetcorridor, which has persevered through the unprecedented set of challenges set forth during the COVID-19 pandemic,” said Mr. O’Donnell.“CBRE was able to structure a non-recourse construction loan execution for the borrower and arrange a lending partnership to complement the sponsor's development plan. We look forward to seeing thearea transform with the development of this project.”
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
