312-Unit Mixed-Income Development
River North, Denver CO
$42M Equity Co-Investment Opportunity
43,000-unit cumulative deficit since 2020 · 14-year low vacancy · Denver metro absorption outpacing permits 3.2:1
| Line Item | Amount | Per Unit | Per SF |
|---|---|---|---|
| Land Acquisition | $12,000,000 | $38,462 | — |
| Hard Costs | $118,000,000 | $378,205 | $379 |
| Soft Costs | $22,000,000 | $70,513 | $71 |
| Financing & Carry | $14,000,000 | $44,872 | $45 |
| Total Project Cost | $166,000,000 | $532,051 | $495 |
Based on 312 units · 311,500 rentable SF · Hard cost estimate from Mortenson Construction, January 2025
Stabilized NOI $8.7M · Exit Q1 2028 · Appraisal by Cushman & Wakefield
Structure: 8% cumulative preferred return · 70/30 profit split above 12% LP IRR · Assumes 36-month hold post-stabilization
Fixed-price GC contract with Mortenson · Guaranteed maximum price · $4.2M contingency (2.5% of hard costs) · Liquidated damages clause
90% of subcontractors locked · 18-month price hold agreements · Steel and concrete pre-purchased · MEP systems bid-locked through Q2 2026
Pre-leasing campaign starts Q1 2027 · 14% affordable units priced 20% below market · Average RiNo absorption 42 units/month · 6-month rent guarantee reserved
Rate cap purchased at 7.5% SOFR ceiling · 36-month term · Senior loan SOFR + 275bps · $1.8M rate cap premium included in financing costs
Four projects delivered on time · $412M total capitalization · Zero construction defaults
"Meridian's underwriting is the most conservative we've seen in the Mountain West market."
Total Capitalization: $166M · Equity %: 33.7% · Debt %: 66.3%
8% Pref · 70/30 Promote
Execute term sheet by March 15
Close April 28
Groundbreak June 2025
Rafael Montoya · CEO
rafael@meridianurban.com · 303.555.0142