Scott Rechler’s RXR has secured $125 million in financing for AVE Station House, a 301-unit luxury rental tower rising in Denver’s River North Arts District. Madison Realty Capital provided the senior loan, with an unnamed insurance company adding $25 million in subordinate debt; JLL Capital Markets arranged the deal. RXR is developing the 13-story project as an equity investor alongside Halpern Real Estate Investments, Korman Communities and Invent Development Partners, with Korman set to operate the finished asset. The building will include 271 market-rate units and 30 affordable ones, along with 6,200 square feet of ground-floor retail and amenities that run from a rooftop pool to a golf simulator and a pet spa. “AVE Station House is a well-conceived, transit-oriented development in one of Denver’s most dynamic and rapidly growing neighborhoods,” said Samir Tejpaul, Madison Realty Capital’s managing director and head of investments.
That deal is notable on its own, but it’s more informative read alongside four other multifamily financings reported within days of it, all landing in markets that don’t typically get grouped together in the same conversation.
Outside Boston, Invictus Real Estate Partners secured $67.2 million to refinance Eliot on Ocean, a 194-unit waterfront complex in Revere Beach, Massachusetts, sitting directly on the MBTA’s Blue Line with a sub-35-minute ride into downtown Boston. Bridge Investment Group provided the debt, structured as a three-year floating-rate loan, with JLL Capital Markets again arranging the transaction. This is a value-add play on an already-built, decade-old property rather than new construction: Invictus plans to upgrade the lobby, shared amenity spaces, appliances and finishes to capture higher market rents. “Revere Beach represents one of the few remaining value-add opportunities in Boston’s constrained waterfront multifamily market,” said JLL’s Scott Aiese, noting the corridor has drawn more than $1 billion in institutional investment since 2015…