**Formativ Secures $65.5M Construction Loan for 310-Unit Development in Denver**
Formativ has secured a $65.5 million construction loan for 3850 Blake, a 310-unit multifamily project set to rise in Denver’s River North Art District (RiNo). Construction began in June, with completion anticipated in the third quarter of 2027. The financing was arranged by a JLL Capital Markets Debt Advisory team led by Rob Bova and Ellie Savage.
The 16-story development, located at the corner of Blake Street and 38th Street within a designated Opportunity Zone, will offer a variety of residential options. The unit mix includes studios, one-bedroom, and two-bedroom apartments, averaging 563 square feet.
Affordability is a key component of the project: nearly 40 percent of the residences will be designated for renters earning 70 percent or more of the area median income (AMI), and more than 70 percent will be affordable for those earning under 100 percent AMI.
Planned amenities include an elevated pool deck that offers unobstructed views of the mountains, a resident clubhouse, coworking spaces, and a fitness center with both indoor and outdoor areas.
