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RXR secures $125M construction debt for AVE Station House in Denver
Madison Realty Capital is providing the senior loan, with an unnamed insurance company adding $25M of subordinate debt.
RXR has secured construction financing for AVE Station House, a 13-story luxury multifamily project in Denver, Colorado, Commercial Observer reports. The development backs $125 million of construction debt, with an additional $25 million of subordinate debt from an unnamed insurance company.
RXR is an equity investor and will oversee construction, while Korman Communities will operate the asset. RXR’s Scott Rechler and project partners Halpern Real Estate Investments, Korman Communities, and Invent Development Partners worked with lenders to close the financing.
The property will be located at 4001 Walnut Street in Denver’s River North arts district and will include more than 291,000 square feet of space. It is planned to feature 271 market-rate apartments and 30 affordable units, plus 6,200 square feet of ground-floor retail and 290 on-site parking spaces.
Commercial Observer says planned amenities include a rooftop pool and lounge, fitness center, coworking areas with private work pods, a golf simulator, a sports lounge, and a pet spa. RXR’s Brian Cheeseman said the closing reflects the project’s strength, the partnership with Korman Communities, and lender appetite for well-conceived multifamily developments in high-growth markets.