Cypress Real Estate Secures $88.7M Construction Loan for Denver Project
Pacific Western Bank has provided an $88.7 million construction loan to investment firm Cypress Real Estate Advisors (“CREA”) for the development of a 336-unit, Class A multifamily community at 2600 Wewatta Way in Denver.
“We are thrilled to be partnering with Cypress yet again, providing financing on a best in class project in our area. Although Pacific Western Bank is relatively new to the Denver market, we are proud to have forged strong relationships in such a short time. We’re confident in the projects that Cypress and other like-minded developers and investors are launching throughout Denver and the Rocky Mountain Region.” said Chris Erickson, EVP, regional manager for Pacific Western Bank’s Colorado Real Estate Group.
Located on the southern edge of the River North (“RiNo”) entertainment district in the Ballpark neighborhood and just on the northern periphery of LoDo and Union Station, the property has quality access to public transportation employment centers, I-25 and other commercial development. Community amenities will be best-in-class and include ground floor retail, a state of the art fitness center, dedicated co-working space, a 1,500 SF sky lounge on the 16th floor with unobstructed views of the Denver skyline and an eco-friendly recycling and waste reduction program.
The deal represents the 3rd financing between Pacific Western Bank and CREA. Pacific Western Bank also provided a $67 million construction loan to CREA and its joint venture partner Flywheel Capital in September 2020 for the construction of The Cameron, a five-story, 361-unit community in Denver.
Rendering courtesy of CREA