RXR, Halpern Real Estate Ventures, Korman Communities and Invent Development Partners Secure $125M Construction Loan for Denver RiNo Multifamily Project
A joint venture led by RXR alongside Halpern Real Estate Ventures, Korman Communities and Invent Development Partners has secured $125 million in construction financing for AVE Station House, a 13-story, 301-unit mixed-income multifamily development at 4001 Walnut Street in Denver's River North Art District, the firm announced Aug. 7.
Deal Structure and Project Details
The financing is structured as a $100 million senior loan combined with $25 million in mezzanine debt provided by an insurance company. The capital will support construction of more than 291,000 square feet of residential space on a roughly 1.2-acre infill parcel near the 38th and Blake transit station in the RiNo submarket.
AVE Station House will contain 271 market-rate apartments and 30 affordable units, along with 6,200 square feet of ground-floor retail and 290 on-site parking spaces. The project broke ground in April 2026, with delivery targeted for 2028.
Planned amenities include a rooftop pool and lounge, fitness center, coworking spaces with private work pods, a golf simulator, sports lounge and pet spa. RXR will oversee construction of the project, while Korman Communities will manage the property upon completion.
Partnership and Leadership
Brian Cheeseman, EVP and Head of Asset Management at RXR, said the financing reflects both the strength of the project and lender appetite for well-positioned multifamily development. "Closing on this financing is a testament to the strength of the project, the quality of our partnership with Korman Communities, and lenders' continued support for well-conceived multifamily developments in high-growth markets," Cheeseman said.
The joint venture brings together RXR's development and construction management capabilities with Korman Communities' property management platform and the co-sponsorship of Halpern Real Estate Ventures and Invent Development Partners.
Market Context: Denver's Multifamily Landscape
The financing closes as Denver's apartment market works through a period of elevated supply. The metro recorded vacancy near a two-decade high, with more than 11,000 units delivered over the trailing 12 months outpacing absorption of roughly 8,900 units. Asking rents have ranged between approximately $1,729 and $1,821 per unit depending on the source and quarter, with year-over-year rent changes still negative in the low- to mid-single digits.
At the same time, the construction pipeline is contracting. Developers added roughly 3,000 units through April 2026, with approximately 19,000 units remaining under construction metro-wide. Research from CBRE indicates Denver multifamily has passed its cyclical trough, with infill, transit-proximate submarkets showing signs of tightening ahead of the broader metro. AVE Station House's 2028 delivery target positions the project to open into a potentially firmer supply-demand environment.
Transit-Oriented Positioning
AVE Station House's location near the 38th and Blake light rail station places it within one of Denver's most active transit-oriented development corridors. The project's mixed-income structure — combining market-rate and affordable units — alongside its ground-floor retail component reflects a development approach that lenders have continued to support in high-growth urban infill locations.
RXR has been active on the capital markets front in 2026. In June, the firm and Hudson Realty Capital announced a $250 million bridge-to-HUD loan program targeting multifamily and healthcare assets, signaling continued expansion of RXR's debt and capital solutions activity alongside its development platform.
Sources
RXR — RXR JV Receives $125M for Construction of Denver Mixed-Income Project