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Joint venture equity for mixed-use development with retail and residential
The Challenge
Sponsor had land control and entitlements for a 65,000 SF mixed-use development in Capitol Hill Denver (ground-floor retail, 112 residential units above) but needed 85% of the required equity from a programmatic partner. Mixed-use equity from institutional LPs had meaningfully tightened through 2025.
The Structure
Programmatic JV equity from a regional family office, structured with an 8% pref to the LP, a 60/40 split to the sponsor above the pref through a 15% IRR, and a 50/50 split thereafter. Sponsor retained a promote and day-to-day control. Construction debt placed separately at 65% LTC.
The Outcome
Closed equity commitment in parallel with construction loan term sheet. JV partner committed to two additional projects in the pipeline. Project broke ground 60 days after equity close.
Deal Mechanics
Programmatic commitment across multiple projects
Sponsor retained promote and operational control
Equity closed in parallel with senior debt
More in Sector
Refinancing of historic mixed-use property
Construction financing for transit-oriented development
Permanent financing for mixed-use development
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