March 21, 2019 – 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.