Maxim Capital Group Provides $108M Loan to PMG for Denver Luxury Residences

Property Markets Group (PMG) has secured $107.5 million in construction financing to build Waldorf Astoria Residences Denver Cherry Creek, a collection of 37 luxury condominium homes in Denver, Colo. 

Maxim Capital Group provided the construction debt, while a PMG Capital Markets team of Andrew Warman, Jonathan Blank, and Paton Marion arranged the financing. 

Working in coordination with Hilton Management Services, PMG announced in October 2024 its intention to build the 37 new luxury residences with a starting price of $1.5 million. 

Dan Kaplan, managing partner at PMG, noted in a statement that the Denver community has already responded with “strong sales momentum” and that the “enthusiastic response” from the Cherry Creek North market demonstrates a willingness to absorb new luxury residences. 

“We are honored to once again have the support of Maxim Capital Group to bring the legendary Waldorf Astoria Hotel & Residences brand to Colorado,” said Kaplan. “As we move closer to delivering this landmark collection of residences, we remain committed to setting a new standard for timeless luxury living in Denver.” 

Located at 185 North Steele Street in Cherry Creek, an affluent dining and retail district outside of Downtown Denver, the Waldorf Astoria Residences Denver Cherry Creek will mostly include semi-private elevators and private balconies, while residents will share in an on-site restaurant, rooftop pool, wellness center, fitness center and studio, and electric vehicle charging stations. 

“The strong presales reflect the demand for a high-quality, well-designed product that Cherry Creek truly needs,” Jason Bordenick, partner at Maxim Capital, said. “We look forward to supporting PMG in completing this project.”

PMG is no stranger to luxury condo developments. The Miami-based developer has completed 111 West 57th Street in New York City, and One Twenty Brickell Residences and One West Twelve Residences in Miami. The group is teaming up with Hilton on the upcoming supertall Waldorf Astoria Hotel & Residences Miami. 

Brian Pascus can be reached at bpascus@commercialobserver.com