(Read more on the debt and equity and multifamilymarkets.)

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GREENWOOD VILLAGE, CO-Developer Zack Davidson has replaced theconstruction loan for the $210-million first phase of Landmark, hismixed-use redevelopment of the Denver Tech Center. The new$182-million loan from Hypo Real Estate Corp. will finance thedevelopment of two condominium towers and an adjacent 180,000-sflifestyle center on 15.25 acres.

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Davidson is developing the Landmark under Everest DevelopmentCo., the successor company to Eikon Investments. Through Eikon,Davidson acquired and completed the successful One EmbarcaderoSouth residential tower adjacent to PacBell Park in San Franciscoamong other Bay Area projects.

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Davidson tells GlobeSt.com that the new loan for the Landmarktook out two other lenders who lent their money at a higherinterest rate and a lower loan-to-value ratio. "The new loan ismore competitive," he says.

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The first phase of Landmark will consist of two condo towerstotaling 264 units and the retail center, which will include a30,000-sf theater, a 20,000-sf comedy club, 13 restaurants and100,000 sf of specialty retail. Nearly 85% of the condominium unitshave been sold at an average price of more than $400 per sf and theretail is 85% leased, says Davidson.

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The retail is set to open this September. The first of the twocondo towers is scheduled for completion in April 2008, the secondtower for early 2009. The European-style project will feature stoneand brick facades, cobblestone streets with granite curbs and readyaccess to the city's new light rail system.

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"The project is located just west of Interstate 25 in thehighest income pocket in the state, where the average home saleprice was $1.46 million," Davidson says. "It also sits at thehighest point in South Denver; the views are amazing."

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The $220-million second phase will rise on 11.4 acres ofadjacent land and will contain an additional 216 housing units inlow-rise buildings. Three-quarters of the units will be housed inseven five-story buildings each containing 23 units averaging 2,300sf. There also will be 50 brownstones averaging 3,600 sf apiece andfive custom estate homes averaging 5,000 sf.

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