Bridge Loan Boosts Art District Flats’ Lease-Up Phase

Art District Flats is a mixed-use development with 126 units and 6,400 square feet of ground-floor retail in Denver’s popular Art District. The recently opened eight-story community located at 1225 Santa Fe Dr. is helping spur development in the Art District, which is home to hundreds of galleries, studios, theaters and creative businesses.

Trez Capital recently closed a bridge loan in excess of $30 million to Denver-based CRE Development Investments, led by Leon Cisneros, president, for the lease-up and stabilization of Art District Flats.

“(This) bridge financing will help lease-up and stabilize CRE Development Investments’ newest development, one that blends in well with the context of the surrounding community,” said Alec Barry, senior vice president, Central and Southern U.S., Trez Capital. “Trez Capital was able to provide competitive cost financing to see this project to the finish line.”

This new development is located in the Lincoln Park neighborhood, north of the corner of 12th and Santa Fe. It is within walking distance to many colorful street murals flanked by small art galleries. The location provides access to Denver’s theater district, downtown Denver and the museum district as well as sports and concert venues.

“The end result is a new development that has already seen a successful lease-up since opening, adding to the vibrant mixed-use community within the Lincoln Park neighborhood,” said Cisneros.

Residents of Art District Flats have the choice of studios, one- and two-bedroom units with open floorplans, terraces and in-unit washer/dryers. Other amenities include a resident lounge, a fitness center, rooftop decks with lounge areas, grilling stations and views.