Pacific Western Bank has funded another Denver residential project run by Cypress Real Estate Advisors (CREA). A CREA subsidiary received a $ 88.7 million home loan from the bank.
The Class A community will offer 336 units and amenities, including a fitness center, coworking space and a 1,500 square meter Sky Lounge on the 16th floor. The community is located at 2600 Wewatta Way in the Denargo Market area of Denver, less than 1 mile from Coors Field and the many restaurants and retail outlets in the neighborhood. The project will also be close to Interstate 25 and the city’s Union Station, which offers bus, shuttle, light rail and train services.
Chris Erickson, executive vice president & regional manager of the Colorado Real Estate Group at Pacific Western Bank, said in prepared remarks that the bank is relatively new to the Denver market but has a lot of confidence in the projects being carried out by CREA and others like it Developers are carried out in the field.
THIRD TIME FINANCING
The financing of CREA’s newest residential project is the third collaboration between the developer and Pacific Western Bank. Previously, Pacific Western Bank granted CREA and its joint venture partner Flywheel Capital a $ 67 million home loan in September 2020 to build a 361-unit community, also located in Denver.
CREA’s Denver experience also includes the mixed-use development in the Denargo Market neighborhood. The developer acquired the site more than a decade ago and has since completed two construction projects, Yards at Denargo Market and Crossing at Denargo Market, totaling 622 units. Outside of Denver, Cypress also has six residential properties in Austin, a community in Jupiter, Florida, an apartment building in Raleigh, NC, and several commercial properties.