Cherry Creek North, Denver, Colorado, August 19, 2025
News Summary
A national developer closed a $107.5 million construction loan from Maxim Capital Group to build 37 branded luxury residences in Cherry Creek North under the Waldorf Astoria banner — the first in Colorado. The boutique building will feature high-end finishes, mountain and downtown views, semi-private elevators in many units, private balconies, and extensive amenities including a Peacock Alley–style lounge, signature restaurant, rooftop resort pool, wellness center and EV charging. Hilton Management Services will operate amenity programming. Sales are underway from a Cherry Creek gallery with varying reported unit sizes and starting-price ranges and strong presales reported.
PMG secures $107.5M construction loan for Waldorf Astoria Residences in Cherry Creek
A national developer has obtained a $107.5 million construction loan to build a boutique condominium project in Denver’s Cherry Creek neighborhood. The lender provided the loan through a capital partner to fund the Waldorf Astoria Residences Denver Cherry Creek, a collection of 37 luxury residences that will mark the Waldorf Astoria brand’s first entry into Colorado.
Details of the financing and teams
The construction financing was provided by a private capital group and closed for $107.5 million. The developer’s capital markets team led the transaction on the developer side, and internal legal counsel coordinated the closing with outside transactional and land use lawyers. Separate counsel represented the lender. A partner at the lending firm noted the project’s strong presales and local demand for well‑designed housing in Cherry Creek.
Sales and market response
Sales are already underway and have been described by the developer as having strong momentum, with only limited inventory remaining. Reported starting prices vary across different updates and press materials: some materials list a low end near $1.2 million, an initial release noted $1.5 million, and later reporting listed a higher starting price near $2.3 million. Buyers interested in tours can visit the sales gallery by appointment at 215 St. Paul Street, Suite 130, Denver, CO 80206. The project site is listed as 185 North Steele Street, Cherry Creek.
Design, interiors and unit mix
Concept design is led by a Denver firm working with an internationally known architect. Interior design will be handled by an award‑winning studio that plans to pair streamlined, elegant interiors with dramatic accents and materials inspired by the nearby snow‑capped Rockies. The residences will be sold fully finished and are described in source materials with differing size ranges: one set of materials lists units from about 690 sq ft to 3,879 sq ft, while another lists a range from 1,350 sq ft to 4,320 sq ft. All sources agree the project will contain 37 units offering mountain and downtown views on many floors.
Interior features planned for the residences include custom gourmet kitchens, built‑out closets, curated flooring selections, Italian bathroom vanities with stone tops, premium fixtures, fully integrated Sub‑Zero and Wolf appliance packages, contemporary lighting, smart home capabilities, and a majority of units will include semi‑private elevators and private balconies.
Amenities and management
The building’s amenity program is planned to reflect a full-service, branded living experience. Planned features include a lounge inspired by traditional hotel arrival spaces, a signature on‑site restaurant, a rooftop resort‑style pool with bar and lounge areas, a wellness center with massage services and saunas, a state‑of‑the‑art fitness and movement studio, a curated lobby with a porte‑cochere drop‑off, and dedicated electric vehicle charging stations. Property operations and amenities will be professionally managed by a major hospitality management arm associated with the brand.
Timeline and developer background
Completion timing varies by report. Some material indicates the property is expected to open in about three years from launch, with an alternate report citing an expected completion in 2027. The developer has more than three decades of experience in branded luxury residential work and a national pipeline that includes condominium and mixed‑use projects. The same developer has previously worked with the same hotel brand on other branded residential projects.
Project contacts and sales
Sales for the residence collection are being led by a local real estate team, and tours of the sales gallery are available by appointment. For more project details and updates, the developer’s project site listed in promotional materials is available as a resource.
Transaction and project teams (selected)
- Developer capital markets team: senior in‑house members led the financing effort.
- Developer in‑house counsel: coordinated the legal side of the transaction with outside counsel.
- Developer transactional counsel: an outside law firm specializing in real estate transactions.
- Land use counsel: outside firm specializing in land use and entitlement matters.
- Transactional counsel for lender: outside counsel representing the capital provider.
- Sales lead: a regional brokerage professional is leading sales and marketing.
- Design: local architecture studio collaborating with a noted architect for concept work; interiors by an award‑winning firm.
Notes on conflicting figures
Published materials and reporting include slightly different numbers for unit sizes, starting prices, and completion timing. The most consistent facts across materials are the 37‑unit count, the $107.5 million construction loan, and the project location in Cherry Creek. Readers and potential buyers should confirm exact unit sizes, pricing, and completion dates directly with the sales office or the developer.
FAQ
What financing closed for the project?
The project closed on a construction loan for $107.5 million to fund construction of the residences.
How many residences will the project include?
The building will include a collection of 37 luxury residences.
Where is the project located and where is the sales gallery?
The site address is listed as 185 North Steele Street, Cherry Creek. The sales gallery is at 215 St. Paul Street, Suite 130, Denver. Tours are available by appointment.
What are the reported starting prices?
Reported starting prices differ across materials. Figures have appeared around $1.2M, $1.5M, and an updated lower bound near $2.3M in some updates. Confirm current pricing with the sales office.
What amenities will be offered?
Planned amenities include a lounge, signature restaurant, rooftop pool with bar, wellness center with saunas and massage services, fitness and movement studio, porte‑cochere lobby, and EV charging stations. Amenities will be managed by the brand’s professional management team.
When is the project expected to open?
Completion timing varies in different reports. Some materials indicate about three years from launch, while another report lists 2027 as a target. Confirm the latest timeline with the developer.
Key project features
| Feature | Detail |
|---|---|
| Loan amount | $107.5 million |
| Units | 37 luxury residences |
| Location | Cherry Creek, Denver (185 N Steele St) |
| Sales gallery | 215 St. Paul St, Suite 130, Denver; tours by appointment |
| Design & interiors | Local architecture partner with noted architect; interiors by award-winning firm; fully finished units |
| Amenities | Lounge, on-site restaurant, rooftop pool, wellness center, fitness studio, EV charging |
| Management | Professional hospitality management affiliated with the residence brand |
| Reported pricing | Reported starts vary: $1.2M, $1.5M, and $2.3M in different updates |
| Expected completion | Reports vary: approx. three years from launch or 2027 |
Deeper Dive: News & Info About This Topic
Additional Resources
- MileHighCRE: PMG secures $107.5M construction loan for Waldorf Astoria Residences Denver Cherry Creek
- Wikipedia: Waldorf Astoria Residences Denver Cherry Creek
- Commercial Observer: Maxim Capital Group $108M loan to PMG for Denver luxury residences
- Google Search: Waldorf Astoria Residences Denver Cherry Creek
- Hilton: PMG and Hilton announce Waldorf Astoria Residences in Colorado
- Google Scholar: Waldorf Astoria Residences Denver Cherry Creek
- The Denver Post: Waldorf Astoria Cherry Creek condos — first in Colorado
- Encyclopedia Britannica: Waldorf Astoria Residences Denver Cherry Creek
- Hotel News Resource: Waldorf Astoria Residences Denver Cherry Creek coverage
- Google News: Waldorf Astoria Residences Denver Cherry Creek
Author: Construction TX News
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