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DENVER-The Nichols Partnership has completed its financing for the Spire, a 503-unit high-rise residential condominium under construction in downtown Denver that will cost approximately $172.5 million to complete. The last piece of the puzzle was a three-year, $11-million mezzanine loan sourced by Perseus Realty Capital LLC that is being combined with an $8-million junior mezzanine loan and a $118-million construction loan.

The Spire will be a 41-story building with 33 floors of residential condos atop an eight-story parking structure anchored by 7,500 sf of street-level retail. Common amenities include an outdoor pool, screening theater and health club.

The units will average just over 1,000 sf. The asking price for most of the units will be in the low $400s per sf. Randy Nichols tells GlobeSt.com that presales will not begin until the building tops out later this year, but adds that 2500 people have signed up to receive emails about the project.

Perseus Realty Capital’s Tom Howland tells GlobeSt.com that it sourced the mezzanine debt from “institutional mezz players” that wished to remain anonymous. “They are attracted to fact that they can get equity-like returns with mezz-like risk,” he says.

Howland says the lender likes the investment in part because of its irreplaceable location across the street from the performing arts center. In addition, he says views can be had from a majority of the structure and the views over the performing arts center will never go away because nothing can be built atop the performing arts center. Project completion is slated for late 2009.

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