CBRE recently secured construction financing for Fox Iron Works, a planned 385-unit, transit-oriented multifamily development in Denver’s Globeville neighborhood.
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.
Craine Architecture, Inc. is the architect for the development and Martines Palmeiro Construction, LLC is the general contractor.
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, which is adjacent to the Fox Street light rail station, offers immediate access to Interstates 25 and Interstate 70, a bus line on Fox Street, and a bike path, connecting the 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 Street corridor, 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 the area transform with the development of this project.”
Rendering courtesy of CBRE
