PMG Secures $107.5M Loan for Waldorf Astoria Residences in Cherry Creek

PMG secures $107.5M construction loan for Waldorf Astoria Residences in Cherry Creek

Key takeaway: National developer PMG obtained a $107.5 million construction loan from Maxim Capital Group to build Waldorf Astoria Residences Denver Cherry Creek, a boutique collection of 37 luxury condominiums that marks the Waldorf Astoria brand’s first residential project in Colorado.

What just happened

PMG closed construction financing totaling $107.5 million provided by Maxim Capital Group to move forward with the Waldorf Astoria Residences Denver Cherry Creek project. The developer reports strong presales and limited inventory remaining as sales progress.

Project basics

The property will include a collection of 37 fully finished luxury residences at or near 185 North Steele Street in Cherry Creek North, an upscale dining and retail neighborhood outside downtown Denver. A sales gallery has opened at 215 St. Paul Street, Suite 130 and tours are available by appointment.

Design, interiors and finishes

Concept design is led by Denver-based Shears Adkins Rockmore in collaboration with architect Carlos Ott. Interior design is by award-winning firm BAMO. Interiors are described as streamlined and elegant with dramatic accents and materials inspired by the Rocky Mountains. Specified finishes include custom gourmet Boffi kitchens, fully integrated Sub‑Zero and Wolf appliance packages, custom built‑out closets, curated flooring, Italian bathroom vanities with stone tops and Waterworks fixtures, contemporary lighting packages and smart home capabilities. Most residences will include semi‑private elevators and private balconies, with views of the mountains and downtown.

Amenities and services

Planned building amenities are extensive and will be professionally managed by Hilton Management Services to reflect the Waldorf Astoria service model. They include a Peacock Alley‑inspired lounge, an on‑site signature restaurant, a rooftop resort‑style pool with bar and lounge areas, a wellness center with massage services and saunas/steam rooms, a state‑of‑the‑art fitness and movement studio, curated lobby with a porte‑cochere drop‑off, and dedicated electric vehicle charging stations.

Team and legal advisors

PMG’s Capital Markets team led the financing transaction, with coordination from the developer’s in‑house counsel and outside transactional and land use counsel. Maxim’s transactional counsel also participated. Sales for the project are being led by a local brokerage representative, and Hilton is involved in management planning for the residences.

Sales, pricing and unit sizes — differing reports

Public materials list differing figures for unit sizes and starting prices. Reported size ranges include one set from about 690 to 3,879 square feet and another from about 1,350 to 4,320 square feet. Reported starting prices vary across documents: one source cited a $1.2 million entry price, another stated sales would start at $1.5 million, and updated reporting listed a revised starting price of $2.3 million. PMG has said the project is seeing enthusiastic community response and strong sales momentum; available inventory is described as limited.

Timing

Timeframes in materials differ slightly. Some project notes estimate completion in about three years from announcement, while other reporting lists an expected completion year of 2027. The construction loan closes now to fund the building phase.

Pertinent facts about the developer and brand

PMG is a national development firm with more than three decades of experience in luxury residential projects and a multi-billion dollar track record. The Waldorf Astoria name is an internationally known luxury hotel and residences brand within Hilton’s portfolio; Hilton will provide management for the building’s services and amenities.

Contacts, counsel and leadership involved (project credits)

Key parties identified in transaction materials include the financing lender, Maxim Capital Group, and team members from PMG’s capital markets and in‑house counsel groups. Outside counsel for PMG and Maxim and land use counsel also took part. Design credits go to Shears Adkins Rockmore and Carlos Ott, with interiors by BAMO. Sales leadership and executive roles are named in project materials, and PMG executives were noted as describing expected fit for the neighborhood and the broader market.

Why it matters

The financing closing enables a branded luxury residential entry into Colorado and expands luxury housing options in Cherry Creek North. The project brings a high level of finish, branded services and hospitality management to a neighborhood known for upscale retail and dining, while reflecting ongoing demand for well‑designed luxury homes in the Denver market.