First National Denver finances $49MM construction loan for the development of Laurel Cherry Creek Condominiums
DENVER, CO First National Denver has delivered $49 million in financing to PAULS for the development of the Laurel Cherry Creek condominium tower.
Laurel Cherry Creek, at 155 Steele Street in Cherry Creek North, will include 71 luxury condominiums making it one of the largest condominium developments in Cherry Creek, Colorado, in the past decade. Condominium pre-sales are expected to start in summer 2017.
"First National Denver has a proven record of tailoring loans to meet the specific needs of construction projects in the Denver marketplace and leading a collaborative process," said Brian Pauls, Executive Managing Director and Treasurer at PAULS. "The First National team understood the complexities of the project and was able to structure a tailored loan strategy to fit our needs for this development."
PAULS chose First National Denver based on its expertise in the Cherry Creek marketplace and its local lending capabilities. First National Denver commercial real estate banker Dave Lederhos closed the deal. First National Denver offers customized middle-market commercial banking services with a specialization in commercial real estate. Credit decisions are made locally by First National's commercial bankers, who average more than 20 years' experience in the financial industry and who know the market and their clients' businesses. Recognizing the shortage of available condominiums in Cherry Creek, PAULS initiated the development project by reaching out to First National Denver, who took the lead in arranging the seven bank deal.
"We are honored to work with PAULS, one of the premier real estate companies in the U.S., a sophisticated developer with a long history of leading large-scale development projects in Denver," said Dave Lederhos, Vice President at First National Denver. "Helping our clients secure the loan facilities they need to be successful is paramount to our commercial real estate team's success and integration into the local business climate. We live and work in this area, so our team is highly tuned in to the local business environment and recognized the opportunity this deal presented."