This new development of 53 Energy-Efficient Modern Townhomes is close proximity to Lowry, Central Park and Park Hill neighborhoods of Denver, Colorado.
The first of its kind, offering modern, sustainably-built residences at attainable prices. Grand Ave is ideally located just minutes from Downtown Denver, nestled around local restaurants and shopping.
These residences boast an elite level of energy efficiency designed to meet LEED Gold Certification. The Grand Ave home collection offers six floorplans ranging from 1,481 to 1,771 square feet with stunning interior finishes that you will be proud to call "home." With pricing starting in the mid-$500s.
The project approval was delayed by community members and the developer needed to engage with city counsel and mayor to eventually get approval for the project. Due to this, the project needed a construction loan to close in advance of the parcel map recording and issuance of buildign permits.
The loan provided 85% of the total project cost (LTTC) allowing for the sponsor to limit their outside equity raise, which substantially increased the sponsors profits. The loan was structured into 5 separate notes, allowing the sponsor to sell ~10 units and capture profits earlier due to the limited 120% release provisions.
“This was one of our largest development projects to date and the Swell team was able structure a $22 million dollar construction loan that met our needs. When an unexpected municipal delay occurred, they worked with us to push through the hurdles.”
