DENVER, COLORADO (January 21, 2021) – Jeff DeHarty, vice president of NorthMarq’s Denver regional office, arranged construction financing of $7.3 million for the redevelopment of 1102 Pearl Street. The 3-story mixed-use project will feature retail, office and multifamily components. The corner development site is located at the entrance to the Pearl Street Mall Historic District of downtown Boulder, Colorado.
Financing for the speculative development was secured on behalf of the developer, Phil Day of PMD Realty. The site at 11th and Pearl Street was formerly occupied by an Old Chicago restaurant and was deemed a non-contributing historical building, thus allowing for demolition by the Boulder Landmarks Board.
The construction-perm loan features 10-year fixed term and was originated through a relationship with a regional bank. “NorthMarq was pleased to be involved in securing construction financing for this legacy development project, which will serve as a model for future redevelopment along the Pearl Street Mall,” said DeHarty.
“We are appreciative of NorthMarq’s efforts in aligning us with a capital partner who understood our vision amidst the uncertain environment given the ongoing pandemic,” said Day.
The 3-story project will consist of 17,961 rentable square feet, featuring ground floor retail, office use on the second floor, and luxury multifamily rental units on the third floor.