Formativ Lands Construction Loan for 310-Unit Denver Development
Formativ has obtained a $65.5 million construction loan for 3850 Blake, a 310-unit multifamily development in Denver. Construction began in June, with completion slated for the third quarter of 2027. A JLL Capital Markets Debt Advisory team, led by Rob Bova and Ellie Savage, represented the borrower in the deal.
At opening, 3850 Blake will offer a mix of studios, one- and two-bedroom units averaging 563 square feet. The property will rise 16 stories at the corner of Blake St. and 38th St. in the RiNo district of the city, part of an Opportunity Zone.
Nearly 40 percent of residences are designated for renters earning 70 percent of the area median income or more, and more than 70 percent are attainable for those earning below 100 percent AMI.
Common-area amenities include an elevated pool deck with unobstructed mountain views, a clubhouse, coworking zones, an indoor/outdoor fitness center.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout