DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $75 million in financing for The Confluence, a 287-unit, luxury residential tower in downtown Denver, owned by a partnership between National Real Estate Advisors, LLC (National), acting on behalf of a client, and PMRG, which recently merged with Madison Marquette.
HFF worked on behalf of ownership to secure the 10-year, fixed-rate loan through a life company lender. Loan proceeds are being used to retire existing construction debt. HFF previously arranged the joint venture partnership between PMRG and National in 2013 at the start of the project’s development process and later procured construction financing for the partnership in 2015.
The Confluence is situated on 1.21 acres at the southwest corner of 15th Street and Little Raven Street in the Riverfront Park area of the Denver CDB. The live-work-play property is walking distance to public transportation at Union Station as well as the city’s largest concentration of office space and numerous entertainment/lifestyle amenities. Completed in 2017, the 34-story tower provides mountain and skyline views and includes approximately 8,029 square feet of ground-floor retail and three levels of underground parking. Units feature a mix of spacious one-, two- and three-bedroom options averaging 1,052 square feet with high-end finishes, such as granite and marble countertops, soaking tubs, expansive floor-to-ceiling windows, hand-scraped hardwood floors, oversized walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a state-of-the-art fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen and catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.
The HFF team representing the borrower included managing directors Josh Simon and Rob Rizzi.
About Madison Marquette: Madison Marquette merged operations with PMRG in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern U.S. combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6.2 billion. The combined company is headquartered in Washington, D.C. with a major presence in Houston, Texas, and transitioned to the Madison Marquette brand on January 1, 2019. With 600 professionals in 13 regional markets, the merged firm is a member of the Capital Guidance group of companies. For additional information about Madison Marquette, visit madisonmarquette.com.
About National Real Estate Advisors, LLC: National Real Estate Advisors, LLC is an investment manager specializing in build-to-core, developing and managing large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed-use, industrial, data center and hotel—with design features, technological enhancements, and amenities that drive high tenant demand and can create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund, a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit natadvisors.com.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.