$108M Financing Secured For Waldorf Astoria Residences In Cherry Creek: The Denver Deal Sheet
PMG secured $107.5M in construction financing for Waldorf Astoria Residences Denver Cherry Creek, a 37-unit condo project at 185 N. Steele St. that will mark the Waldorf Astoria brand’s Colorado debut.
The boutique development will feature fully finished residences ranging from 690 SF to 3,880 SF. Sales are being led by Dawn Raymond of Kentwood Real Estate.
The loan came from Maxim Capital Group. PMG’s Andrew Warman, Jonathan Blank and Paton Marion arranged the financing with support from the company’s in-house legal team. Counsel included Alexandra Lehson of Bilzin Sumberg for PMG, Brownstein Hyatt Farber Schreck on land use and MMPS representing Maxim.
SALES
CBRE facilitated the sale of Mineral Medical Plaza, a 39K SF medical office building at 1501 W. Mineral Ave. in Littleton. Broe Real Estate Group was the seller. The two-story property is 91% leased with more than 10 years of weighted average lease term, anchored by a surgery center and tenants including Colorado Eye Consultants, Rocky Mountain ENT and Colorado Retina. Financial details weren't released.
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BAE Systems, which acquired Ball Aerospace in 2024, purchased two industrial buildings totaling 44K SF at 1727 and 1777 Conestoga St. in Boulder for $9.6M. The seller was JW Advance. Rafael Weiss of Sytes and Aviva Sonenreich of the Warehouse Hotline brokered the deal.
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A partnership of Spark & Halo, Two Arrows Group and OlivePoint Capital purchased Parkside Collective, a 25K SF retail center in Aurora. JLL Capital Markets’ Jason Schmidt and Austin Snedden represented the seller, Parkside Aurora LLC. The three-building property, built in 2021, is 86% leased to tenants including Five Guys, Cheba Hut and Einstein Bros. Bagels. Financial details weren't disclosed.
CONSTRUCTION AND DEVELOPMENT
MGL Partners broke ground on Iliff Apartments, a $25.8M, 50-unit affordable housing project for residents 62 and older at 4750 E. Iliff Ave. in University Hills. The development will be the neighborhood’s only age-restricted community with units set aside for households earning 61% to 80% of the area median income. Council Member Diana Romero Campbell, other city officials and the Colorado Housing and Finance Authority joined the ceremony.
FINANCING
Marcus & Millichap Capital Corp. lined up $16.5M in debt for Willow Creek Shopping Center, a 163K SF retail property at 8220 S. Quebec St. in Centennial. The loan was arranged by Rob Cronenberg from MMCC’s Denver office on behalf of a national investment firm. Tenants include Vasa Fitness and Arc Thrift Stores.
