Madson Realty Capital Provides $100M Loan for RXR Multifamily Asset

Scott Rechler’s RXR continues to secure capital from institutional lenders. 

RXR, together with joint venture partners Halpern Real Estate Investments, Korman Communities and Invent Development Partners, has secured $125 million in construction debt for AVE Station House, a 13-story, 301-unit luxury multifamily development in Denver, Colo. Commercial Observer can first report. 

Madison Realty Capital provided the senior loan, while an unnamed insurance company provided an additional $25 million of subordinate debt. JLL Capital Markets‘ Leon McBroom, Michael Gigliotti, Will Haass, Ellie Savage and Paul Patafio of hudson realty capital. 

RXR is an equity investor in the development and will oversee construction of the project, while Korman Communities will operate the asset. 

Brian Cheeseman, executive vice president and head of asset management at RXR, noted that the asset has “an exceptional location” and will benefit from an ongoing demand for housing in Denver. 

“Closing on this financing is a testament to the strength of the project, the quality of our partnership with Korman Communities, and lenders’ continued appetite for well-conceived multifamily developments in high-growth markets,” said Cheeseman.  

Located at 4001 Walnut Street in Denver’s River North arts district, AVE Station House will span more than 291,000 square feet of space and feature 271 market-rate apartments and 30 affordable units, along with 6,200 square feet of ground-floor retail and 290 on-site parking spaces.

Planned amenities include a rooftop pool and lounge, a fitness center, coworking spaces with private work pods, a golf simulator, a sports lounge, and a pet spa. 

“AVE Station House is a well-conceived, transit-oriented development in one of Denver’s most dynamic and rapidly growing neighborhoods,” said Samir Tejpaul, managing director and head of investments at Madison Realty Capital.

Brian Pascus can be reached at bpascus@commercialobserver.com.