Formativ Secures $65.5 Million Construction Loan For 310-unit Project At 3850 Blake Street

The asset involved in the transaction is a development site located at 3850 Blake Street, situated in Denver, CO. Formativ has secured a construction loan amounting to $65,500,000 for the site, which is designated for a 310-unit multifamily project in the RiNo district. The completion of this project is scheduled for the third quarter of 2027, contributing to the city's housing market by adding transit-oriented, income-diverse options amidst a cooling apartment pipeline.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $65,500,000
• Landlord: Formativ
• Broker: Rob Bova & Ellie Savage - JLL
• Loan Type: Construction
• Market: Denver, CO
• Completion Date: Q3 2027

Rob Bova and Ellie Savage from JLL are the brokers representing the landlord, Formativ, in this transaction. Their involvement facilitates the securing of crucial funding for this multifamily project, which aims to address the housing needs in the growing RiNo district of Denver.