Greenwich, CT-based Knighthead Funding has originated a $10 million non-recourse loan for the construction of a Denver townhouse development.
The Condor is a 28-unit project by First Stone Development in Berkeley, four miles northwest of the city center.
This is the second loan Knighthead has funded for First Stone Development, the first, The Vaquita, also located in Denver, will begin sales later this year. In July, Knighthead funded a $20 million loan for the construction of a 44-unit condo in Denver’s nearby LoHi District.
“As Denver’s economy and population continues to grow, neighborhoods such as Berkeley and LoHi are growing in popularity among those migrating to the area,” said Knighthead principal Jonathan Daniel.