RXR, together with joint venture partners Halpern Real Estate Investments, Korman Communities and Invent Development Partners, has secured $125 million in construction financing for AVE Station House, a 13-story, 301-unit luxury multifamily development in Denver‘s River North Art District.
The financing supports the development of more than 291,000 square feet of residential space featuring 271 market-rate apartments, 30 affordable units, 6,200 square feet of ground floor retail, and 290 on-site parking spaces. Planned amenities include a rooftop pool and lounge, fitness center, coworking spaces with private work pods, a golf simulator, sports lounge, and pet spa. RXR will oversee construction of the project, while Korman Communities will mange the property upon completion.
“Closing on this financing is a testament to the strength of the project, the quality of our partnership with Korman Communities, and lenders’ continued support for well-conceived multifamily developments in high-growth markets,” said Brian Cheeseman, RXR EVP and Head of Asset Management.
