July 06, 2007
By Dees Stribling, Rocky Mountain Correspondent
Denver-based Everest Development Co. has obtained a $182.2 million construction loan from Hypo Real Estate Capital Corp. for its Landmark mixed-use project in the Greenwood Village area of Denver. The loan represents the entry into the Denver market for Hypo, a subsidiary of Hypo Real Estate Bank International AG, which is a branch of Hypo Real Estate Group, one of Europe's largest real estate financiers.
"Only 10 years ago or so, mixed-use was a dirty word in real estate, but now it seems like it's on the top over every developer's to-do list," Scott Lynn, principal of Dallas-based Metropolitan Capital Advisors, told CPN this morning. Metropolitan placed the loan for the Landmark (pictured), and Lynn noted that Denver has been a fairly active market for his company in recent years.
"There's been strong preleasing and presales at the Landmark, and that got the attention of lenders," he noted. "There's clearly a demand for this kind of property in Denver."
The project is being developed in two phases. Phase I consists of the Landmark Shops, a retail center with about 150,800 square feet, and the residential condominium Tower I, known as the Landmark, a 13-story residential building including 135 residential units and 269 parking spaces. The retail component will be completed this fall, and the residential tower in early 2008.
Phase II will consist of the residential condominium Tower II, known as the Meridian, a 14-story building including 126 residential units with an additional 17,000 square feet of retail space, and 256 parking spaces. Phase II is slated for completion in 2009. The Landmark development will also have the distinction of being a transit-oriented community, with access to the new Denver light rail system.
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