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 $107.5 million construction loan for Waldorf Astoria Residences in Cherry Creek
National developer Property Markets Group (PMG) has closed 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 will bring the Waldorf Astoria residential brand to Colorado for the first time.
Topline details
The loan funds the development of a small, high-end residential building in Cherry Creek North, an affluent dining and retail district just outside downtown Denver. Sales activity for the project has been described by developer representatives as strong, with limited inventory remaining at the time of the financing closing.
Financing and team
The construction financing was provided by Maxim Capital Group. PMG’s Capital Markets team managed the transaction, led by Andrew Warman, Jonathan Blank, and Paton Marion. In-house legal coordination for PMG included Lowell Plotkin, Lindsay Davis, and Scott Buscemi, with transactional counsel Alexandra Lehson of Bilzin Sumberg. Land use counsel for PMG was Brownstein Hyatt Farber Schreck. Maxim’s transactional counsel was MMPS (Mavrides, Moyal, Packman & Sadkin). Sales are being led by Dawn Raymond of Kentwood Real Estate.
Project status and market reception
PMG leadership described the Cherry Creek project as receiving an enthusiastic community response and noted solid presales as a factor in moving the financing to close. Maxim’s representatives cited strong presales and demand for a well‑designed product in Cherry Creek as drivers behind the deal.
Design, interiors and construction highlights
Concept design for the property is led by Denver‑based Shears Adkins Rockmore (SAR+), in collaboration with architect Carlos Ott. Interiors are by award‑winning firm BAMO. Interiors are described as streamlined and elegant with dramatic accents and materials inspired by the Rocky Mountains.
Units will be delivered fully finished with high‑end specifications including custom Boffi kitchens, Sub‑Zero and Wolf appliance packages, custom built‑out closets, curated flooring selections by BAMO, Italian bathroom vanities with stone tops and Waterworks fixtures, contemporary lighting packages, smart home capabilities, and luxurious finishes throughout. A majority of residences are planned to include semi‑private elevators and private balconies, and many will offer mountain and downtown views.
Amenities and operations
- Peacock Alley‑inspired lounge
- Signature on‑site restaurant
- Rooftop resort‑style pool with bar and lounge areas
- Wellness center with massage services, saunas and steam rooms
- State‑of‑the‑art fitness and movement studio
- Curated lobby with porte‑cochere drop‑off
- Electric vehicle charging stations
Hilton Management Services will professionally manage the residences and on‑site amenities, reflecting the Waldorf Astoria brand’s service model.
Size, pricing and timeline — reported ranges and reconciliations
Source materials contain slightly different figures for unit sizes, starting prices and completion timing. Reported unit size ranges include both 690 to 3,879 square feet and 1,350 to 4,320 square feet. Reported starting prices have been published as $1.2 million, $1.5 million, and an updated figure of $2.3 million in some accounts. The developer has described a sales launch with pricing starting in the low millions; an updated sales figure reported later reflects an upward revision in at least one source. Project timing has been reported as an expected opening in roughly three years from announcement and, in another report, as completion in 2027.
Because multiple public materials and briefings list different numbers, interested buyers and readers should consult the project sales gallery or official project materials for the most current unit sizes, pricing and schedule.
Sales and public access
PMG opened a sales gallery for the project at 215 St. Paul Street, Suite 130, Denver, CO 80206. Tours are available by appointment. The actual project site address is listed as 185 N Steele St. (185 North Steele Street) in Cherry Creek North.
Developer and brand background
PMG was founded in 1991 and is led by managing partners including Ryan Shear and Dan Kaplan. PMG reports more than three decades of experience in luxury residential development and a multi‑billion dollar portfolio of delivered assets. PMG’s past branded residential work with Hilton includes other Waldorf Astoria residential projects. Hilton’s portfolio and technology platforms were described in project materials to explain the brand’s global scale and consumer programs; Hilton Management Services will operate the building’s amenity program.
What’s next
With construction financing in place, the project will move into construction and continued sales. The developer continues to position the property as a small, branded luxury building intended to set a higher standard for condominium living in Cherry Creek North. The project website listed in official materials provides contact and reservation details for prospective buyers.
Frequently asked questions
What is the financing amount and who provided it?
The construction loan totals $107.5 million and was provided by Maxim Capital Group.
How many units will the development include?
The project is planned as a boutique collection of 37 luxury residences.
Where is the project located and when will it open?
The building site is listed at 185 N Steele St., Cherry Creek North, Denver. Reported completion timing varies across materials; one estimate places opening in about three years from launch, and another source lists 2027. Confirm current schedule with the developer.
What are the reported unit sizes and starting prices?
Published materials show inconsistent figures. Reported unit size ranges include 690 to 3,879 sq ft and 1,350 to 4,320 sq ft. Starting prices have been reported as $1.2M, $1.5M and an updated $2.3M. Prospective buyers should consult the sales gallery for the latest pricing and availability.
Who is handling sales and who will manage the amenities?
Sales are led by Dawn Raymond of Kentwood Real Estate. Amenities and services will be professionally managed by Hilton Management Services.
What design and interior firms are involved?
Concept design is led by SAR+ (Shears Adkins Rockmore) with collaboration from Carlos Ott. Interiors are by BAMO, featuring curated materials inspired by the Rockies.
How can I view the project?
The sales gallery at 215 St. Paul Street, Suite 130, Denver is open for tours by appointment. Contact the sales team for appointments and up‑to‑date materials.
Key project features
| Feature | Detail |
|---|---|
| Loan amount | $107.5 million construction financing from Maxim Capital Group |
| Developer | Property Markets Group (PMG) |
| Brand | Waldorf Astoria — first Waldorf Astoria residential project in Colorado |
| Units | 37 luxury residences |
| Unit sizes (reported) | Reported ranges: 690–3,879 sq ft and 1,350–4,320 sq ft |
| Starting price (reported) | Reported starting prices vary: $1.2M, $1.5M, and $2.3M |
| Design & Interiors | SAR+ & Carlos Ott (concept), BAMO (interiors) |
| Amenities | Rooftop pool, lounge, signature restaurant, wellness center, fitness studio, EV charging, porte‑cochere |
| Sales gallery | 215 St. Paul Street, Suite 130, Denver, CO 80206 (tours by appointment) |
| Project address | 185 N Steele St., Cherry Creek North, Denver |
Note: Some details reflect differences in published materials. Where multiple figures were reported, those ranges are provided above. For contract-level details and the most current sales or timing information, consult the developer’s sales team or official project materials.
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
