Newly Opened Mixed-Use Development in Denver’s Art District Secures $30M Bridge Loan
Today, Trez Capital announced the closing of a bridge loan in excess of $30 million to Denver-based CRE Development Investments, led by Leon Cisneros, for the lease-up and stabilization of Art District Flats, a new mixed-use development with 126 units and 6,400 square feet of ground-floor retail in Denver’s popular Art District.
The recently opened eight-story, mixed-use community located at 1225 Santa Fe Drive is helping spur development in Denver’s rapidly growing Art District. In keeping with the neighborhood’s creative influence, Art District Flats has local art showcased throughout the building interiors and exteriors with works from a different local artist featured on each floor.
“We’re pleased to provide bridge financing to help lease-up and stabilize CRE Development Investments’ newest development, one that blends in well with the context of the surrounding community,” said Alec Barry, senior vice president, Central and Southern U.S., Trez Capital. “We’re continuing to expand our bridge lending program and due to our extensive, successful track record in the multifamily industry, Trez Capital was able to provide competitive cost financing to see this project to the finish line.”
“This is our first opportunity to work with Trez Capital and the end result is a new development that has already seen a successful lease-up since opening, adding to the vibrant, mixed-use community within the Lincoln Park neighborhood,” said Cisneros, president, CRE Development Investments.
Residents of Art District Flats have the choice of studios, one- and two-bedroom units with open floorplans, terraces, modern kitchens and baths, and in-unit washer/dryers. Other amenities include a resident lounge, a fitness center, rooftop decks with lounge areas, grilling stations, and amazing views of both the city and mountains.
Rendering courtesy of Trez Capital