DENVER, CO – March 21, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $75 million in financing for The Confluence, a 287-unit, luxury residential tower in downtown Denver, owned by a partnership between National Real Estate Advisors, LLC (National), acting on behalf of a client, and PMRG, which recently merged with Madison Marquette.
HFF worked on behalf of ownership to secure the 10-year, fixed-rate loan through a life company lender. Loan proceeds are being used to retire existing construction debt. HFF previously arranged the joint venture partnership between PMRG and National in 2013 at the start of the project’s development process and later procured construction financing for the partnership in 2015.
The Confluence is situated on 1.21 acres at the southwest corner of 15th Street and Little Raven Street in the Riverfront Park area of the Denver CDB. The live-work-play property is walking distance to public transportation at Union Station as well as the city’s largest concentration of office space and numerous entertainment/lifestyle amenities. Completed in 2017, the 34-story tower provides mountain and skyline views and includes approximately 8,029 square feet of ground-floor retail and three levels of underground parking. Units feature a mix of spacious one-, two- and three-bedroom options averaging 1,052 square feet with high-end finishes, such as granite and marble countertops, soaking tubs, expansive floor-to-ceiling windows, hand-scraped hardwood floors, oversized walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a state-of-the-art fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen and catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.
The HFF team representing the borrower included managing directors Josh Simon and Rob Rizzi.
The Bainbridge Companies and National Real Estate Advisors today announced that Bainbridge Shady Grove Metro has been selected as a winner in Delta Associates’ 20th Annual Washington/Baltimore Apartment Industry Awards for Excellence.
The 417-unit apartment community in Rockville, Md., which opened in September 2015, received the Best Lease-Up Pace for a Suburban Maryland Apartment Community award. The awards ceremony was held Oct. 19 in Washington, D.C.
"We could not be more proud of Bainbridge Shady Grove Metro and its leasing staff," said Tom Keady, President & Chief Executive Officer of The Bainbridge Companies. "This team has done a tremendous job with an incredible community in an outstanding location, and they are richly deserving of this award. Bainbridge Shady Grove Metro is the premier community in the area, in terms of both the quality of amenities and finishes and the unparalleled living experience the on-site team delivers."
Jeff Kanne, President and CEO of National, said “This project is a prime example of National’s commitment to invest in development projects which compete effectively with other properties in attracting residents because of quality features, location, and attention to detail in concept, delivery, and management.”
Located just steps from the Shady Grove Metro station, Bainbridge Shady Grove Metro offers convenient access to I-270, I-370 and the Intercounty Connector, enabling residents to easily move about the metro Washington, D.C., area. Numerous restaurants and retail establishments are located nearby on Rockville Pike. Residents also have easy access to major professional employers such as Lockheed Martin, Shady Grove Adventist Hospital, The Universities at Shady Grove and IBM.
Bainbridge Shady Grove Metro also sits on the former site of the locally famous Reed Brothers Dodge dealership, which opened in 1915 and was the first Dodge dealership in Maryland history. A sculpture standing more than 20 feet high and over 6 feet wide on the front lawn of the community commemorates the dealership. The sculpture incorporates the look of 1939 Dodge headlamps and the fender of a 1957 Dodge pickup truck.
"During the latter part of 2012, Bainbridge proactively contacted me and asked if I would work with them to help showcase the dealership history into the design of the development,” said Jeanne Gartner, granddaughter of Lewis Reed, founder of Reed Brothers Dodge. “It was an honor to have served as their 'history consultant.’ I worked closely with Sabine Roy of SR/A Interior Design and sculptor TJ Aitken to pay tribute to a century of history at the new development.”
To further preserve the historical significance of the location and create a cohesive brand, Bainbridge included various automobile-themed touches throughout the community and its marketing collateral. Residents of Bainbridge Shady Grove Metro can select from community's floor plans named after Dodge vehicles such as the Durango, Dart, Dakota, Phoenix or Viper.
"Honoring the rich historical legacy of this site was extremely important to us," Keady said. "With the sculpture and the floor plan names, our residents and visitors feel a real connection to the site's past, and we pay tribute to Reed Brothers Dodge's role in creating a vibrant Rockville."
Bainbridge Shady Grove Metro offers one-, two- and three-bedroom apartments. The apartment homes feature open layouts with separate dining rooms, hardwood-style floors, designer lighting packages, modern kitchens with islands, granite countertops, full-sized washers and dryers, and Juliet balconies in select apartments.
Notable community amenities include a South Beach-style pool area with cabanas, a fire pit and in-pool tanning decks. Bainbridge Shady Grove Metro also features a casual bar with clubroom seating and a green roof with grass to insulate the building and mitigate the heat-island effect. Other amenities include a fully equipped fitness center featuring an array of cardio equipment, free weights, weight machines and suspension training; a courtyard with a fire pit; cyber café; and storage units.
Delta Associates has provided consulting and research services and subscription reports to the commercial real estate industry for more than 35 years. The organization is experienced in the apartment, condominium, office, retail, hotel and mixed-use sectors.
