Speculative Mixed-Use Project in Boulder Receives Construction Financing
Developer, Phil Day of PMD Realty has received construction financing for the redevelopment of 1102 Pearl Street, in Boulder. The 3-story mixed-use project will consist of 17,961 rentable square feet, featuring ground floor retail, office use on the second floor, and luxury multifamily rental units on the third floor.
The corner development site — located at 11th and Pearl Street at the entrance to the Pearl Street Mall Historic District of Boulder — was formerly occupied by an Old Chicago restaurant and was deemed a non-contributing historical building, thus allowing for demolition by the Boulder Landmarks Board.
Jeff DeHarty, vice president of NorthMarq’s Denver regional office arranged construction financing of $7.3 million. The construction-perm loan features 10-year fixed term and was originated through a relationship with a regional bank.
“NorthMarq was pleased to be involved in securing construction financing for this legacy development project, which will serve as a model for future redevelopment along the Pearl Street Mall,” said DeHarty.
“We are appreciative of NorthMarq’s efforts in aligning us with a capital partner who understood our vision amidst the uncertain environment given the ongoing pandemic,” said Day.
Rendering courtesy of NorthMarq