US-based FirstBank has granted nearly $100m of loans to two different developments in the Cherry Creek North district.
Real estate development company Western Development Group has been allocated $50m to develop the new 250 Columbine on the east side of Columbine Street, between East Second and East Third Avenues.
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With two buildings separated by a mid-block drive aisle, the project will feature a mix of residences and office and retail space, two restaurants and an upscale ‘dock-to-table’ seafood restaurant.
Western Development Group partner Roy Kline said: "250 Columbine is another example of Cherry Creek North raising the bar to maintain its position as the most sought-after shopping district in the Denver area.
"We had a wonderful experience partnering with FirstBank on a previous project, and appreciate working with a local bank that understands the community and shares our vision."
The second project to benefit, directly across the street from the first, is 245 Columbine, which is being developed under a joint venture between BMC Investments and Sage Hospitality.
FirstBank provided funding of $41.7m for the project, which will feature a 155-room boutique hotel, a restaurant operated by Sage Restaurant Group and 5,900ft² of retail space.
The hotel is expected to open in mid-2016 and will provide meeting and event space, a rooftop deck, fitness centre and valet parking.
FirstBank also agreed to two loans of more than $5m for real estate investment firm Schnitzer West to purchase retail buildings in the area.
Loans amounting to $2.7m were used to purchase properties at 250 Fillmore and 262 Fillmore, and a further $2.3m to purchase 242 Milwaukee and 246 Milwaukee.
Image: 245 Columbine is a joint venture between BMC Investments and Sage Hospitality. Photo: courtesy of Business Wire.
