The X Co. secures $ 105 million loan for the Denver project
Multi-family investment firm, The X Co., has taken out a $ 105.3 million construction loan for X Denver2, a 351-unit multi-family project in downtown Denver. The CIM Group provided the senior rating, which bears a variable interest rate over a period of 3 years, according to public records.
The developer, a spin-off from Property Markets (PMG), assembled the half-acre site at 2100 Arapahoe St. by acquiring three plots of land from two private investors for a total of $ 9.9 million in 2019. The 22-story building will include 15,700 square feet of coworking space and 5,501 square feet of retail space, according to the loan document.
Facilities will include a three-story members-only club with a resort-style pool, full-service gym and lounge bar. Future residents will have the option of choosing between a private apartment or sharing a co-living suite with its own bedroom and bathroom.
The JLL Capital Markets team that traded on behalf of the borrower included Senior Managing Directors Eric Tupler and Christopher Peck and Managing Director Josh Simon. In September, Tupler and his colleague Campbell Roche obtained a loan of 67 million dollars for the development of The Cameron, a 361-unit luxury apartment project in Denver. Pacific Western Bank provided the 5 year variable interest rate loan.