Fremont Provides Loan for Denver Project

DENVER-Fremont Investment & Loan’s Phoenix office is providing a $25.5-million construction loan to Chicago-based Sedgwick Properties Development Corp. to build a high-rise condomium in the city’s Uptown neighborhood. Jeff Bijur of Cooper-Horowitz Inc. of New York City placed the loan.

Construction already has begun on the 13-story, 143-unit Tower on the Park at 1950 Logan St. Condominiums in the project that opens in the latter part of next year range from 712 sf to 1,792 sf. The average size is just under 1,000 sf.

The units are being designed by locally based Buchanan Yonushewski Group to blend into the historic neighborhood.. The average price is under $300 per sf, with the average price under $300,000. Penthouse units are priced from the low-$400s to the mid-$500s.

“It is exciting to get the loan,” Mark McKinney, project manager for Sedgwick, tells GlobeSt.com. “We’ve been working with Fremont for six to eight months. There is an equity piece in it.”

So far, he says they have sold 81 units with another four or five in the works. “So within the next two to three weeks, we should be in the 85 range,” he tells GlobeSt.com. “And we’re hearing that generally sales activity is starting to pick up, especially in this price range.”

Brad Buchanan, the architect for the project, tells GlobeSt.com that Sedgwick is the only developer in the city that is providing high-rise living in this price range. “Buyers will have great views of the city’s skyline and the mountains,” Buchanan tells GlobeSt.com. “Plus, I think it is attractive to people who don’t want to live downtown, but only a few blocks from it. You’re really just two blocks from the edge of the CBD.”